Federal Government Allocates Funds for Presidential Yacht and Student Loan in 2023 Supplementary Budget.
In a move that has raised eyebrows and sparked discussions, the Federal Government of Nigeria led by Bola Tinubu has revealed its budgetary allocations in the 2023 supplementary budget, which includes a substantial amount for a Presidential yacht and an education loan fund.
According to details obtained by Nairametrics from the 2023 supplementary appropriation, the Federal Government plans to allocate the sum of N5.095 billion for the purchase of a Presidential yacht. This allocation falls under the capital expenditure for the Nigeria Navy. Additionally, an education loan fund has been allocated N5.5 billion as part of the budgetary provisions.
The Nigerian Navy’s budget for 2023 includes a proposed capital expenditure of N42.3 billion and a recurrent expenditure of N20.42 billion, totaling approximately N62.8 billion. Beyond the Presidential yacht, other items in the budget proposal from the Nigerian Navy encompass the purchase of vehicles, the construction of the naval base in Lekki and Epe, the provision of critical equipment, and the acquisition of ammunition.
FG announces date to begin disbursement of student loans
Under the education loan program, the Federal Government is set to allocate N5.5 billion to fund student loans. This allocation is part of the capital supplementation for the 2023 supplementary budget, which amounts to a total of N210.5 billion.
The education loan program, officially known as the Access to Education Act or Student Loan Act, was sponsored by Rt. Hon Femi Gbajabiamila and passed by the ninth National Assembly. It was subsequently signed into law by President Bola Tinubu in June.
The primary aim of this law is to provide interest-free loans to students in higher institutions across the country. By doing so, it aims to put an end to the persistent industrial actions that have plagued higher institutions of learning in Nigeria. These actions, often spearheaded by staff unions like ASUU and ASUP, have been a major disruption to academic calendars, causing significant delays in students’ education.
In his recent address at the Nigeria Economic Summit, President Bola Tinubu emphasized the importance of the student loan program, stating that it “must begin in January 2024” after experiencing some initial delays.
Nigerian universities have been facing a recurring issue of industrial actions by staff unions, such as ASUU and ASUP, primarily due to challenges like insufficient funding and autonomy for tertiary institutions. In 2022, Nigerian universities lost approximately eight months of learning due to an industrial action by the Academic Staff Union of Universities (ASUU). In 2020, the university staff union also embarked on a nine-month strike to press their demands to the government.
The allocation of funds for both a Presidential yacht and the education loan program has sparked discussions about priorities and resource allocation in a country facing various economic and social challenges. It remains to be seen how these budgetary allocations will impact the nation’s education sector and the government’s plans for maritime activities.
See reactions on Twitter ( X)
@Pharmkelvin_ Time to recover what he spent in fighting for the position.
@Uncle_Onos: What is the President doing with a “Presidential Yacht”? At a time we are running on a deficit budget, we shouldn’t be spending this blindly.
How is it even right to see the poor “sacrifice” with pains for terrible govt policies that have brought hardship.
@shegzoO : Citizens can be the sacrificial lamb while they enjoy 😂
@applephilia : I would have cried over this headlines but I gave up long ago on this misfortune called Nigeria. Guys she is irredeemable. It’s get more surreal and nauseating. A people gets the type of leaders they deserve
@escapefromnaija : Akani, Akanbi, on your mandate!!! Awa lokan!!! Yoruba ronu o!!!! They will cry till 2121!!! APC till 2121!!! Jagaban the strategist, grassroot politician number 1!!! Author of “How to destroy a Country”. Jor o.
@LengdungT : What does a President even need a yatch for?
