Nigerians fume over govt's plan to buy over $6m presidential yacht
There’s been a public uproar in Nigeria following a proposal by the country’s federal government to appropriate a sum of 5 billion naira ($6.36 million) for the purchase of a presidential yacht while allocating 5.5 billion naira ($7 million) for education loan fund in the 2023 supplementary budget.
The amount for the yacht, according to local media news outlet Premium Times, comes under the capital expenditure of the Nigerian Navy which amounts to 42.3 billion naira ($53.8 million).
Many citizens, following the development, have taken to social media platform X to vent their spleen, describing the development as insensitive and inconsiderate.
For many of them, they see no reason to invest in such a luxurious boat in the face of the country’s economic woes.
Meanwhile, other items including the purchase of vehicles, construction of a naval base in Lekki and Epe, as well as provision of critical equipment are included in the budget proposal.
The sum is part of the 2.17 trillion naira ($2.8 billion) supplementary budget presented by the president to the National Assembly for approval.
Nigeria’s economy has experienced slowed growth in 2023 leading to rising commodity prices and rising inflation. The country’s Gross Domestic Product (GDP) of $440.8 billion is expected to reach $489.80 billion by the end of 2023, according to Trading Economics Global Macro Models and experts.
Below are some reactions from Nigerians online.
