President Tinubu’s supplementary budget has shown that the federal government intends to spend billions of naira on Presidential yacht, cars, and houses despite the dire economic situation in the country.
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Investogist reported earlier in the week that the Federal Government has approved a N2.1tn supplementary budget for the 2023 fiscal year to “fund urgent issues including national defence and security.”
President Tinubu budgeted N5.09 billion for the purchase of a Presidential Yacht. The purchase of the yacht is contained in the supplementary budget for the 2023 fiscal year.
The N2.1tn supplementary budget came after the President Bola Tinubu-led federal government proposed the sum of N26 trillion for the 2024 budget.
The supplementary budget announced on Monday was quickly passed by the House of Representatives for second reading.
The cable reported a few highlights of the budget as follows;
State House Budget: N28 billion out of the supplementary budget will be spent by the State House.
- N2.9bn for the purchase of SUV Vehicles
- N2.9bn for the replacement of “operational pool vehicles”
- N4.0bn for the renovation of residential quarters for the president
- N2.5bn for the renovation of Aguda house
- N200mn for the computerization and digitalization of the State House
- N4.0bn for the construction of office complex within State House
- N4.0bn for the renovation of Dodan barracks – official residence of Mr. President in Lagos
- N3.0bn for the renovation of official quarters of vice-president in Lagos
- N1.5bn for the acquisition, renovation and rehabilitation of 2 Nos of EFCC forfeited quarters as State House at Mabushi
- N1.5bn for the acquisition, renovation and rehabilitation of 2 Nos of EFCC forfeited quarters as State House at Guzape
- N1.5bn for the purchase of official vehicles for the office of the first lady
Federal Ministry of Works: N300bn was set aside for the ministry of works
- N15bn will be used for the urgent comprehensive repairs/rehabilitation of the Third Mainland Bridge and others
- N12.87bn will be spent as a 50% part payment for urgent comprehensive work on other critical bridges
- N11.40bn was earmarked as an “outstanding sum owed to contractor for certified works on Eko and Marine Bridges”
Business Day reported that according to the 2023 supplementary appropriation details of MDA spending, the Nigerian Navy proposed a capital expenditure of N42.3 billion and a recurrent expenditure of N20.42 billion making a budget of around N62.8 billion.
Other items in the budget proposal from the Nigerian Navy include; the purchase of vehicles, construction of the naval base in Lekki and Epe, provision of critical equipment, and purchase of ammunition.
N5.5 billion was budgeted for the Education Loan Fund as part of the implementation of the Higher Education Access Act, 2023, otherwise known as Students Loan Act.
The Higher Education Act signed into law by President Tinubu in June was supposed to take off in September but the president announced recently that the implementation has now been scheduled for January 2024.
Tinubu also budgeted N5.1 billion for the rehabilitation of 100 schools in 100 days programme in the Federal Capital Territory (FCT).
Premium Times reported that a further review of the supplementary budget showed that the government is planning to spend N12.5 billion on the Presidential Air Fleet.
The supplementary budget is the latest in outrageous and extravagant spending by the Nigerian government despite its continuous plea to Nigerians to endure the current hardship caused by the removal of petrol subsidy, which when combined with the weakening national currency has led to hikes in prices of commodity goods.
In the preceding week, members of the House of Representatives began sharing a 2022 model of Toyota Landcruiser Prado Sport Utility Vehicles (SUV) to its members, at a cost many say is between N130mn to N160mn.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
