President Bola Tinubu on Tuesday approved a $2.8 billion supplementary budget despite widespread criticism from Nigerians struggling with the high cost of living occasioned by the removal of fuel subsidy.
The budget includes funding for new bulletproof cars for the president and his wife.
The budget also allocates about $38 million for the presidential air fleet, vehicles, and the renovation of residential quarters for the president, vice president, and the president’s wife. The budget has sparked anger and criticism from citizens.
The House of Representatives had earlier rejected the government’s plan to buy a $6.1 million presidential yacht, which had been criticised by Nigerians as a waste of money on luxuries during an economic crisis.
The budget for the yacht was listed under the $53 million budget allocated to the Nigerian Navy but it was moved to the student loan section by the House.
Meanwhile, Finance Minister Wale Edun has said that the country cannot continue to rely on borrowing to fund its annual budgets, pressing the government to adopt alternative financing strategies to address its budgetary challenges.
It would be recalled that President Bola Tinubu took office in May 2023 with a promise to cut waste and ease people’s financial hardship.
However, Nigeria’s annual inflation rose to 26.7% in September, according to official statistics.
