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Nigeria’s Budget Proposes Billions For Presidential Yacht Amid Educational Support

Government's Supplementary Budget Highlights Commitment to Naval Enhancement and Student Aid

In a move that underscores the government’s commitment to both national defense and educational support, the Nigerian federal government has proposed a significant allocation in the 2023 supplementary budget. The budget includes a provision of N5.095 billion for the purchase of a Presidential yacht under the capital expenditure for the Nigerian Navy, alongside a N5.5 billion allocation for an education loan fund.

The detailed budget breakdown reveals that the Nigerian Navy’s capital expenditure is proposed at N42.3 billion, with a recurrent expenditure of N20.42 billion, culminating in a total budget of approximately N62.8 billion. This budget is set to cover a range of critical initiatives, including the acquisition of vehicles, construction of naval bases in Lekki and Epe, provision of essential equipment, and the purchase of ammunition.Nigeria'S Budget Proposes Billions For Presidential Yacht Amid Educational Support, Yours Truly, News, April 17, 2024

The education loan fund is a notable inclusion in the budget, aimed at providing interest-free loans to students of higher institutions across Nigeria. This initiative, part of the Access to Education Act—also known as the Student Loan Act—was sponsored by Rt. Hon Femi Gbajabiamila, passed by the ninth National Assembly, and signed into law by President Bola Tinubu in June. President Tinubu has emphasized the importance of the student loan program commencing in January 2024, following initial delays.

This budgetary proposal comes at a time when Nigerian higher institutions have been grappling with recurring industrial actions from staff unions, such as ASUU and ASUP. These actions, often stemming from demands for better funding and autonomy for tertiary institutions, have significantly disrupted academic activities. In 2022, approximately eight months of learning were lost in Nigerian universities due to industrial action by the Academic Staff Union of Universities, following a similar nine-month strike in 2020.Nigeria'S Budget Proposes Billions For Presidential Yacht Amid Educational Support, Yours Truly, News, April 17, 2024Nigeria'S Budget Proposes Billions For Presidential Yacht Amid Educational Support, Yours Truly, News, April 17, 2024Nigeria'S Budget Proposes Billions For Presidential Yacht Amid Educational Support, Yours Truly, News, April 17, 2024Nigeria'S Budget Proposes Billions For Presidential Yacht Amid Educational Support, Yours Truly, News, April 17, 2024Nigeria'S Budget Proposes Billions For Presidential Yacht Amid Educational Support, Yours Truly, News, April 17, 2024Nigeria'S Budget Proposes Billions For Presidential Yacht Amid Educational Support, Yours Truly, News, April 17, 2024Nigeria'S Budget Proposes Billions For Presidential Yacht Amid Educational Support, Yours Truly, News, April 17, 2024Nigeria'S Budget Proposes Billions For Presidential Yacht Amid Educational Support, Yours Truly, News, April 17, 2024

The dual focus of the supplementary budget on enhancing naval capabilities and supporting education underscores the government’s strategic approach to national development. The allocation for a presidential yacht, in particular, has drawn public attention, reflecting the administration’s prioritization of maritime security and national prestige.

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