After ending petrol subsidy, FG budgets N5bn for presidential yacht

President Bola Tinubu’s administration has announced plans to spend N5.095 billion on a presidential yacht, despite outcries to cut the outrageous costs of running government.

According to the 2023 supplementary appropriation details of MDA spending seen by BusinessDay, 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.

Read also: NEITI boss hands over $74bn petrol subsidy expenses report to Reps

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.

Many Nigerians say Tinubu’s administration lost a perfect opportunity to curb government excesses like the outrageous spending on exotic cars, selling off several planes in the presidential fleet, and pruning down wasteful government expenditures and inflated budgets that are not grounded in reality.

“A broke and unproductive country is buying a presidential yacht and cars worth billions for the first woman and NASS?” Tunde Martins said on X .

More details later…