President Tinubu Lavishes N150bn On Presidential Jet, N5bn On Yacht, Others (FULL LIST)

President Tinubu has lavished N150bn on Presidential Jet and N5bn on Yacht among other luxurious spending while suffocating Nigerians with price hikes amid untold hunger and hardship.

 

NewsOnline Nigeria reports that public outrage continues to trail the purchase of a new presidential jet by the Bola Tinubu administration.

 

This Nigeria news platform understands that the government’s decision to allocate over N150 billion for the purchase of the aircraft, at a time when Nigerians are grappling with a tough economic environment and a lingering cost of living crisis, has angered many.

 

Mr Tinubu’s policies of subsidy removal and exchange rate unification have led to increases in the prices of commodities, which experts believe are driving the current inflation.

 

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The president has, in the past one year, urged Nigerians to bear with the hardship occasioned by those policies.

However, the government does not appear keen to follow its own counsel, as inflation currently stands at 33 per cent.

 

In this report, NewsOnline Nigeria reviews some of the most lavish purchases under the current administration.

Presidential Jet

The Airbus A330, which replaced the 19-year-old Boeing B737-700(BBJ) bought under the presidency of Olusegun Obasanjo, reportedly cost the Nigerian government over $100 million.

It should be recalled that the government secured the approval of the House Committee for the purchase of this luxurious jet, which drew the ire of many Nigerians who have described the government’s action as insensitive.

Although the National Assembly claimed it is yet to appropriate money for the purchase, the president has already taken the jet for a flight to France.

Meanwhile, Senate President Godswill Akpabio has consistently maintained that he is ready to grant any approval requested to finalise the purchase.

“I don’t see how it is feasible that the topmost priority of a government dealing with the level of biting hunger and poverty in the land is to consider the purchase of a befitting aircraft for the president,” Oby Ezekwesili, a former minister, said during an appearance on Arise Television’s ‘Politics Today on Sunday.

Presidential Yacht

Last year, there was significant backlash against the government for the planned purchase of a presidential yacht.

In the 2023 supplementary budget of N2.17 trillion, President Tinubu proposed N5 billion for the procurement of a presidential yacht.

The uproar over the proposal led to the National Assembly declining the request and diverting the money towards other expenses.

However, according to several sources, the yacht had already arrived in the country at that point. The government has neither confirmed nor denied this.

NewsOnline Nigeria learnt that the House of Representatives is putting pressure on the Navy to return the ship to the vendor.

N21 Billion House for Shettima

Another controversial expense since this administration took office is the reported N21 billion spent on the completion of the official residence of the Vice President.

The Minister of the FCT, Nyesom Wike, prioritised the completion of the residential project despite other competing infrastructure projects needing attention.

But despite public outrage, the minister proceeded to complete and commission the project.

N160 Million Cars for National Assembly Members

Amid the current economic hardship, members of the National Assembly also received their share of the luxury with the purchase of luxurious Sport Utility Vehicles, which are believed to have cost N160 million per unit for members of the House.

It is unclear what the Senate received, but they are expected to get more.

While the House claimed that the vehicles are official cars to be returned at the end of the administration, NewsOnline learnt that some lawmakers opted for cash instead of the car.

N90 Billion Subsidy for Hajj

The government also spent N90 billion on the 2024 Hajj pilgrimage to the Kingdom of Saudi Arabia.

It could be recalled that the devaluation of the naira led to a sharp increase in the cost of Hajj for the 2024 exercise, with the National Hajj Commission of Nigeria (NAHCON) forced to review the fee several times.

The government subsequently intervened with a N90 billion subsidy; however, that money is now the subject of multiple probes by different anti-graft agencies.

The Chairman of NAHCON, Jalal Arabi, and several other management staff were arrested by the EFCC over the alleged mismangement of the N90 billion subsidy.

N1.5 Billion Cars for Office of the First Lady

Nigerians have had a complicated relationship with the Office of the First Lady due to the overbearing nature of some of its occupants, who, despite being unelected, are notorious for intruding into governance.

There is also the cost associated with running the office, which is largely a ceremonial role.

In the 2023 supplementary budget, the government proposed N1.5 billion to buy vehicles for the office.

 

Also, NewsOnline Nigeria reports that since President Bola Tinubu assumed office in May 2023, Nigeria has seen significant increases in the prices of various essential goods and services, affecting the cost of living for millions.

 

These hikes, attributed by the government to necessary economic reforms, have sparked widespread debate and concern.

 

While the government argues that these increases are necessary for economic reforms and sustainability, they have undeniably contributed to the rising cost of living.

 

NewsOnline highlights a list of major items and services that have seen price hikes during Tinubu’s administration:

 

1.⁠ ⁠Fuel price surge

One of the most significant and controversial price hikes has been in fuel. Following the removal of the fuel subsidy in May 2023, the price of Premium Motor Spirit, commonly known as petrol, soared. The pump price jumped from around ₦185 per litre to over ₦500 per litre, with reports of prices reaching ₦700 per litre in some areas. This surge has had a ripple effect on transportation costs, food prices, and overall inflation.

2.⁠ ⁠Electricity tariffs increase

Electricity tariffs also saw a sharp rise. The Nigerian Electricity Regulatory Commission approved a tariff increase for Distribution Companies (DisCos), raising the tariff for Band A customers from ₦68/kWh to ₦225/kWh, a staggering 240% increase. According to the government, this move, which took effect in April 2024, aims to save the government ₦1.5 trillion by removing subsidies on electricity for this customer category. However, the hike has significantly added pressure on household expenses.

3.⁠ ⁠Passport fee hike

The Federal Government approved an upward review of passport fees, effective from September 1, 2024. According to a statement by the Nigeria Immigration Service (NIS), the cost of a 32-page passport booklet with five-year validity increased from ₦35,000 to ₦50,000, while the 64-page booklet with ten-year validity rose from ₦70,000 to ₦100,000. The NIS stated that the hike was necessary to maintain the quality and integrity of the Nigerian passport.

4.⁠ ⁠Rising cooking gas prices

Cooking gas prices have continued to climb. As of March 2024, the average cost to refill a 5kg cylinder of Liquefied Petroleum Gas (LPG) increased by 7.10% from February, reaching ₦6,591.62. Year-on-year, this marks a 42.97% increase from ₦4,610.48 in March 2023. The National Bureau of Statistics attributed this rise to various economic factors, including higher import costs.

5.⁠ ⁠Higher transportation costs

Transportation costs have significantly increased, largely driven by the fuel price hike. Public transportation fares in cities like Lagos and Abuja have doubled or even tripled. For example, the average bus fare from Berger to Mowe increased from ₦300 in March 2023 to ₦500 by August 2024. This surge has made commuting and intercity travel considerably more expensive for Nigerians.

6.⁠ ⁠Food price inflation

Food prices, already on the rise due to inflation and insecurity, have been further exacerbated by the removal of the fuel subsidy. The increased transportation costs have directly impacted the prices of staples such as rice, beans, and maize, placing additional strain on household budgets across the country.

7.⁠ ⁠Tuition fee increase

Tuition fees in several federal universities have also been hiked. For instance, the University of Lagos raised its tuition fees from around ₦19,000 to ₦190,250 for medical students and ₦140,250 for other courses. This substantial increase, announced in July 2023, has sparked protests among students and concerns over access to affordable education.