Nigeria’s president signs budget that includes cash for a presidential yacht amid cost of living crisis

Despite considerable criticism from citizens experiencing a cost-of-living crisis, Nigerian President Bola Tinubu has signed into law a $2.8 billion (R51.7 billion) supplementary budget that includes funds for new bulletproof cars for himself and his wife.

The budget, which was passed by parliamentarians on November 2, also contains funds for a presidential boat, official vehicles for the first lady’s office, and repairs to the president’s residence.
Tinubu first presented the expenditure proposal as a way to handle “urgent issues” such as defense and security.

The provision for the yacht was supported by the administration, who described it as an operating naval vessel outfitted with specialized security equipment.

However, particular appropriations for such regions have been eclipsed by the distribution of monies for indulgences and improvements to the president’s residence quarters.

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Opponents of the budget have said that the expenditure is needless and unsympathetic to the suffering of ordinary Nigerians, who are struggling to make ends meet amid rising inflation and economic hardship.

Africa’s most populous country is dealing with double-digit inflation, foreign currency shortages, a falling naira, pervasive insecurity, and crude oil theft.

Tinubu, who took office in May, has been under pressure from unions to provide relief to homes and workers. He has advised Nigerians to be patient with reforms.