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Nigeria’s lower chamber of parliament has rejected the government’s plan to purchase a presidential yacht for US$6 million triggered by public outcry over the perceived fiscal profligacy of the government amidst a severe economic crisis
Nigeria’s lower chamber of parliament has rejected the government’s plan to purchase a presidential yacht for US$6 million triggered by public outcry over the perceived fiscal profligacy of the government amidst a severe economic crisis.
President Bola Tinubu assumed that office with a promise to reduce wasteful expenditures and ameliorate financial hardships. However, he proposed the yacht’s acquisition in a supplementary budget submitted to the National Assembly as human rights activists and citizens criticized the move.
President Tinubu grapples with mounting pressure over the cost of living crisis and the sharp depreciation of the Nigerian naira against the US dollar. The country’s annual inflation rate reached 26.7% in September, according to official statistics.
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Lawmakers redirected the US$6 million allocation to boost the student loan budget, doubling its funding. This decision reflects a shift in priorities toward addressing pressing economic and social challenges. The president’s office maintained that the request for the yacht originated from the navy, citing operational requirements. The lower House also approved substantial allocations for State House expenditures, such as luxury vehicles and the construction of a presidential office complex. Additionally, US$15 million was set aside for the presidential air fleet.
