The Bola Tinubu-led administration has proposed to a sum of N5.095 billion for purchasing a presidential yacht under the capital expenditure Nigeria Navy and N5.5 billion for education loan fund in the 2023 supplementary budget.
This is contained in the 2023 supplementary appropriation details of Ministries, Departments and Agencies spending obtained by Nairametrics.
As contained in the document, 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.
Nigerian Navy budget proposal include the purchase of vehicles, construction of the naval base in Lekki and Epe, provision of critical equipment, and purchase of ammunition.
It was proposed by the government, under the capital supplementation for the 2023 supplementary budget, the sum of N5.5 billion as an education loan fund to fund the student loan. The total capital supplementation for the 2023 extra budget totalled N210.5 billion.
The Student Loan Act otherwise known Access to Education Act, was sponsored by Rt. Hon Femi Gbajabiamila passed by the ninth National Assembly but was 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 end incessant strike plaguing higher institutions of learning.
President Tinubu, during a recent address at the Nigeria Economic Summit, stated that the student loan program “must begin in January 2024” after initial delays.
