Nigerian President Bola Tinubu’s first supplementary budget proposal has sparked controversy as it includes provisions for a fleet of SUVs for both himself and his wife, the renovation of his villa, and even a presidential yacht.
This comes at a time when many Nigerians are grappling with a severe cost-of-living crisis, with soaring food prices, rampant unemployment, and a depreciating currency. The government has been urging citizens to persevere through economic reforms implemented by the new president.
While federal lawmakers approved the request for additional funding, they did so with modifications. They eliminated the provision of 5 billion naira ($6.01 million) for a presidential yacht, redirecting the funds to a student loan fund, doubling its allocation to 10 billion naira. Notably, the budget allocates a substantial 1.5 billion naira for purchasing SUVs for the First Lady, an amount larger than the funding allocated to many federal colleges. Additionally, the proposal earmarks almost 6 billion naira for purchasing SUVs for the presidency, surpassing the initial allocation for a student loan program aimed at assisting impoverished families.
A spokesperson for the president defended the budget, stating that the president did not request a yacht and criticized the media’s coverage of the issue. The spokesperson explained that the new vehicles were intended for aides and civil servants, not the president himself.
It’s worth noting that the legislature has faced criticism for procuring their own expensive SUVs.
Since taking office in May, President Tinubu has implemented significant economic reforms, including ending a costly fuel subsidy and removing currency restrictions. These measures have led to price spikes and a sharp devaluation of the naira, making life difficult for many Nigerians, with a significant portion living in extreme poverty.
Last year, the country spent the majority of its revenue on servicing debt, and the government plans to raise 9 trillion naira to help fund next year’s budget.
