The Bola Tinubu-led administration has proposed to appropriate 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.

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.

The government, under the capital supplementation for the 2023 supplementary budget, proposed 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 Access to Education Act, also called the Student Loan 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 industrial actions plaguing higher institutions of learning.

President Tinubu, during a recent address at the Nigeria Economic Summit, noted that the student loan program “must begin in January 2024” after initial delays.