Amid widespread public criticism for allocating funds towards a presidential yacht purchase during an economic crisis, Nigerian lawmakers have made a significant decision. Instead of proceeding with the controversial $6 million yacht plan, they chose to reallocate the funds to double the budget for student loans, according to Abubakar Bichi.
President Bola Tinubu, who assumed office in May with a pledge to reduce wasteful spending and alleviate financial hardships, faced public outrage when he presented a supplementary budget to the National Assembly. This budget included a proposed capital expenditure of $53 million for the Nigerian Navy, with the yacht purchase in question.
The proposal drew sharp criticism from human rights activist and former lawmaker Shehu Sani, who remarked, “the poor can’t be struggling for survival in a canoe while their leader is yachting.”
Temitope Ajayi, the spokesman for President Tinubu, emphasized that the president was not directly associated with the yacht purchase proposal, stating, “From what I know, the request for a yacht, however it is named or couched in the budget, is from the navy, and they must have operational reasons for why it is required.”
The House of Representatives approved the budget on Thursday, but Chairman of the influential House Committee on Appropriation, Abubakar Bichi, who is a member of President Tinubu’s ruling party, disclosed that the lawmakers had opted not to approve the allocation for a presidential yacht.
In the budget, there is a provision for $36 million allocated to cover State House expenses, which includes the procurement of luxury vehicles and the construction of a presidential office complex. Additionally, the government has laid out plans to allocate $15 million (equivalent to £13 million) for the maintenance of the presidential air fleet.
This allocation has stirred controversy, particularly as it coincides with a period of intense pressure on President Tinubu due to the soaring cost of living and a significant depreciation of Nigeria’s currency, the naira, against the US dollar. Official statistics have reported a notable 26.7% annual inflation rate in September.
The Socio-Economic Rights and Accountability Project (SERAP), a prominent advocacy group in Nigeria, has criticized the proposed purchase of a yacht, asserting that it cannot be justified while a substantial portion of Nigeria’s population, approximately 137 million people, live in extreme poverty. They contend that the situation worsened after President Tinubu eliminated a fuel subsidy in his inaugural address, leading to higher fuel and basic commodity prices.
Activist Omoyele Sowore has accused the government of allocating funds for extravagances while neglecting the hardships faced by the Nigerian populace.
However, Mr. Ajayi, a spokesperson for the government, clarified that the President and Vice President do not intend to acquire new vehicles for their fleet, as they are utilizing vehicles inherited from the previous administration. The budgetary allocation for vehicles primarily caters to the needs of hundreds of civil servants and political aides working at the State House.
