"An Institutional Embarrassment": Nigerians React to N5bn Budget for Presidential Yacht, Others

"An Institutional Embarrassment": Nigerians React to N5bn Budget for Presidential Yacht, Others

  • Nigerians took to social media to express their view on the recent supplementary budget approved by FEC
  • The budget spelt out how the nation intends to spend N1.5bn buying cars for First Lady’s office, among others
  • Some Nigerians welcomed the development, while saw it as wasteful spending given the current hardship in Nigeria

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market

The federal government, on Monday, approved a N2.18tn supplementary budget for the 2023 fiscal year.

FG said the supplementary funding was also targeted at providing welfare packages for workers and Nigerians at large, according to Punch report.

presidential yatch
Data show that the Bola Tinubu-led administration plans to spend N5.095 billion on a presidential yacht, among others Photo credit: FG, Gary John Norman
Source: Getty Images

However, the figures showed that the Bola Tinubu-led administration planned to spend N5.095 billion on a presidential yacht.

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The administration also planed to spend N2.9 billion on sports utility Vehicles (SUVs) for the Presidential Villa, N1.5 billion on cars for the Office of the First Lady, and an additional N2.9 billion on replacing the presidency's operational vehicles, among others, according to the 2023 supplemental proposal.

What Nigerians are saying

Nigerians on X, formerly Twitter, have expressed their views:

@FinPlanKaluAja1 said,

"In what world does a Nation seeking Wall Street and possibly an IMF bridge loan buy a $5m Presidential Yacht? How was this line item defended by the Nigerian Navy and this minister before it got to the National Assembly? This is an institutional embarrassment.

@theairbuser wrote,

“This has to be a joke. 5bn for the presidential yacht? Is there water in Abuja? What does the president want to do with a yacht in this messed-up economy? And they will be talking sh*t about citizens making sacrifices”

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@UkomahM commented,

"Emilokan Tinubu budgets 5 billion for Presidential Yatch and 5.5 billion for students’ loans. Yet, there’s no money in Nigeria. This regime will favour me and my family."

@mamatii001 stated,

"Can these parrots called patriots stop being f00/ish? The presidential yacht being mentioned in the budget is for the military. The name is the presidential yacht, not the yacht of the president. It is part of military requirements to do their job and it is under military expenses. All these cut-and-paste journalism will just put dust in our brain."

@bummiearo pointed out,

"For clarity, check the expenditure line here. It's under the Nigerian Navy. They are buying a Presidential yacht and not a yacht for the President. It's a name for the Yatch, just like we have a Presidential suite in hotels. Our media will scatter this country with propaganda."

@frank_uriah said,

"5.5 billion Presidential hatches in Nigeria, bikonu, who do we offend in this country? Presidential Yacht for what exactly?"

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@TundeSmilez noted,

"Wait Naija had a presidential yacht before, or this is a new development? It’s a good thing, sha. The “Seeee Pairatess” will make more money."

@kabasa007 noted,

“A broken and unproductive country led by someone who has stolen Lagos dry since 1999 is buying a presidential yacht and cars worth billions for the first woman and NASS? We are finished sha.”

Police, INEC, FRSC, 7 other MDAs splurge N21bn on vehicles in five Months

Within five months, N21.1bn was spent on vehicle purchases for several ministries, departments, and agencies, Legit.ng earlier reported.

According to the approvals found in a document from the Bureau of Public Procurement, 10 agencies received the payment from April through August 2023.

In the report, the Bureau stated that N1.91 billion was paid to Messrs Kaura and Wada to buy 43 vehicles for the Independent Corruption Practises Commission.

At the same time, N4.5 billion was granted to several contractors to buy an unknown number of operational vehicles for the Nigerian Police Trust fund.

Source: Legit.ng

Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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