July 20, 2024

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FG Budgets N5bn For Presidential Yacht, N5.5bn For Student Loan

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Bola Tinubu-led administration has proposed to appropriate N5.095 billion for purchasing a presidential yacht under the capital expenditure Nigeria Navy and N5.5 billion for education loan fund in the 2023 supplementary budget.

This is contained in the 2023 supplementary appropriation details of Ministries, Departments and Agencies spending obtained by Nairametrics. According to the document, the Nigerian Navy proposed a capital expenditure of 42.3 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. headtopics.com

The government, under the capital supplementation for the 2023 supplementary budget, proposed the sum of N5.5 billion as an education loan fund to fund the student loan. The total capital supplementation for the 2023 extra budget totalled N210.5 billion.

The Access to Education Act, also called the Student Loan Act, was sponsored by Rt. Hon Femi Gbajabiamila passed by the ninth National Assembly but was signed into law by President Tinubu in June. The law seeks to provide interest-free loans to students of higher institutions across the country and end incessant industrial actions plaguing higher institutions of learning. headtopics.com

President Tinubu, during a recent address at the Nigeria Economic Summit, noted that the student loan program “must begin in January 2024” after initial delays.

1 thought on “FG Budgets N5bn For Presidential Yacht, N5.5bn For Student Loan

  1. THE FIVE(5)BILLION YACHT FOR THE PRESIDENT
    THIS NEW PRESIDENT IS THE ONLY DETRIBALIZED NIGERIAN WHOSE HISTORY HAS PROVED BEYOND REASONABLE DOUBT THAT HE IS AN ORIGINAL SPIRIT OF FREEDOM, A FUNDAMENTALIST, A RARE GEM AND VERITABLE TOOL, READY TO LISTEN, TO REDRESS ALL OUR WOUNDS CREATED BY PAST LEADERS WHO DID NOT GO THROUGH THE PAINS OF NATIONHOOD OF OUR HISTORY, WHO IS IGNORANTLY BEING VILIFIED BY THOSE WHO WANTS US TO BECOME BEGGARS IN ORDER TO FEED.
    FOR SUCH A PERSON, WE NEED TO PROTECT EVERY INCH OF HIS BEING AND THEREFORE THE YACHT SHOULD BE GIVEN APPROVAL FOR THEIR OWN INTEREST AND INTERESTS OF ALL AS PART OF OUR BEGGING BOWL FOR MR PRESIDENT TO CLEANSE THE POLITY FOR US ALL.
    DO WE REALIZE THAT HE IS THE ELECTED PRESIDENT OF THE MOST POPULOUS BLACK COUNTRY IN THE WORLD WHO, DESPITE GLOBAL SEIGE ON US, HAS DEVELOPED A STATE WHICH RANKS AS NUMBER ONE UNITED ENTITY PROVIDING SUCCOR FOR ALL CITIZENS OF THE. WORLD.
    I HUMBLY THEREFORE WISH THE NASS TO PLEASE APPROVE THE PURCHASE OF THE BOAT IN ORDER NOT TO DISGRACE NIGERIANS FOR SUCH A BEFITTING PRIVILEGE FOR A MAN OF THE HOUR WHO HAS COME TO CLEAN OUR EXPENSIVE SHIT OF SELF INDUCED ECONOMIC UNDER DEVELOPMENT.
    CONGRATS TO NASS FOR FINDING OTHER MONEYS OUT OF TRILLIONS FOR STUDENTS SPILLING DOWN INTO PRIVATE POCKETS AND POISONOUS INDUSTRIES THREATENING OUR CO EXISTENCE AS THE GIANT OF AFRICA.
    MY LOVE AND BLESSINGS
    SATGURU MAHARAJ JI
    LIVING PERFECT MASTER,
    THE MAHDI AND CHRIST OF THIS AGE

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