President Bola Tinubu has reportedly budgeted N5 billion naira for the purchase of a Presidential Yacht and another five point N5 billion naira for the Education Loan Fund as part of the implementation of the Higher Education Access Act, 2023, otherwise known as Students Loan Act.
The sum is part of the N2.17 supplementary budget Mr Tinubu sent to the National Assembly for approval.
PremiumTimes gathered that the president budgeted N28 billion naira for the purchase of luxury cars for himself, the first lady, as well as the renovation of the president’s residence among other spending for the state house.
“The review of the proposed supplementary budget showed that despite the country’s economic challenge, the government is also planning to spend N12.5 billion on the Presidential Air Fleet.
President Bola Tinubu also budgeted N4 billion for the renovation of his official residence at Dodan Barrack in Lagos, and another N3 billion for the renovation of the Vice President’s official quarters in the state.
“The budget also showed N4 billion for the renovation of the residential quarters of the president, and N2.5 billion for the renovation of the Vice President’s residence.” Premium Times reported.
Premium Times also added that “The government also plans to spend another N2.9 billion on Sport Utility Vehicles (SUV) for the Presidential Villa, and another N2.9 billion to replace operational vehicles for the presidency.
“The government also plans to spend N1.5 billion on vehicles for the Office of First Lady, which doesn’t exist under the country’s law.”
It was further gathered that the budget has already scaled the second reading at the House of Representatives.