Tinubu to spend N5 billion on Presidential yacht, N5.5 billion for student loan

President Tinubu’s Federal Government has budgeted to spend N5 billion on a Presidential yacht and N5.5 billion for student loan.

 

Newsonline Nigeria reports that President Bola Tinubu Federal Government has proposed to appropriate the sum of N5.095 billion for the purchase of a Presidential yacht under the capital expenditure Nigeria Navy and N5.5 billion for education loan fund in the 2023 supplementary budget.

 

The 2023 supplementary appropriation details of MDA spending obtained by Newsonline Nigeria showed that 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.

 

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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.

 

The student loan program

The Federal 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 supplementary budget totalled N210.5 billion.

 

The Access to Education Act also called Student Loan Act was sponsored by Rt. Hon Femi Gbajabiamila passed by the ninth NASS but 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 bring an end to incessant industrial actions plaguing higher institutions of learning in the country.

 

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

 

Industrial Actions in Nigerian Universities

Nigerian higher institutions have been plagued by recurring industrial actions from staff unions, ASUU, ASUP, etc. Major reasons for the actions range from lack of funding and autonomy of tertiary institutions.

 

In 2022, around 8months of learning in Nigerian Universities was lost due to industrial action from the Academic Staff Union of Universities.

 

In 2020, the University staff union also embarked on a 9-month strike to press home their demands from the government.