FGN budgets N5 billion for Presidential yacht and N5.5 billion for student loan

The Federal Government has reportedly budgeted N5 billion for the purchase of a Presidential Yacht and another N5.5 billion for the Education Loan Fund.

The sum is part of the N2.17 trillion supplementary budget President Bola Tinubu sent to the National Assembly for approval, PremiumTimes reports.

According to 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.

Other items in the budget proposal from the Nigerian Navy include; the purchase of vehicles, construction of the naval base in Lekki and Epe, provision of critical equipment, and purchase of ammunition.

While N5.1 billion was also budgeted for the rehabilitation of 100 schools in 100 days programme in the Federal Capital Territory (FCT).