The federal government has unveiled plans to allocate N5.095 billion for the acquisition of a Presidential yacht. This allocation falls under the capital expenditure of the Nigeria Navy for the 2023 supplementary budget. Additionally, the government has earmarked N5.5 billion for an education loan fund. These details emerged from the 2023 supplementary appropriation details of MDA spending, as reported by Yohaig NG.

The Nigerian Navy's budget proposal includes a capital expenditure of 42.3 billion and a recurrent expenditure of N20.42 billion, totalling approximately N62.8 billion. The budget also covers the purchase of vehicles, the construction of naval bases in Lekki and Epe, the provision of essential equipment, and the acquisition of ammunition.

The education loan fund, amounting to N5.5 billion, is part of the capital supplementation for the 2023 supplementary budget, which totals N210.5 billion. This initiative aligns with the Access to Education Act, also known as the Student Loan Act.

Sponsored by Rt. Hon Femi Gbajabiamila and signed into law by President Tinubu in June, the act aims to offer interest-free loans to higher education students nationwide. This move is expected to mitigate the frequent industrial actions that disrupt higher learning institutions in Nigeria. President Bola Tinubu, in a recent address at the Nigeria Economic Summit, emphasised that the student loan programme should commence by January 2024, following initial postponements.

It's worth noting that Nigerian universities have faced repeated industrial actions, primarily due to funding issues and the quest for institutional autonomy. In 2022, industrial action from the Academic Staff Union of Universities resulted in an 8-month disruption of academic activities. Similarly, in 2020, the university staff union went on a 9-month strike to voice their demands.

Editorial:
The Allocation Dilemma: Prioritising Yachts Over Education?
We find ourselves at a crossroads, faced with the government's recent budgetary decisions. On one hand, the allocation of N5.095 billion for a Presidential yacht raises eyebrows. While it's undeniable that a nation's leader should travel in style and security, one must question the timing and necessity of such an expenditure, especially in the face of more pressing national concerns.

On the other hand, the allocation of N5.5 billion for student loans is a commendable step towards addressing the educational challenges in the country. The frequent industrial actions in our universities, often due to funding and autonomy issues, have robbed many students of valuable learning time. By providing interest-free loans, we hope to see a reduction in these disruptions and a more stable educational environment.

However, the juxtaposition of these two allocations prompts reflection. Is the purchase of a Presidential yacht truly a priority over bolstering our educational sector further? While the student loan programme is a step in the right direction, we believe that a more significant investment in education would yield long-term benefits for the nation.

We urge those in power to reassess their priorities. Investing in the future of our youth and strengthening our educational infrastructure should always take precedence. It's high time we place the nation's future above luxury expenditures.

https://www.yohaig.ng/naija-news/governance/fg-sets-n5b-for-yacht-n5-5b-for-student-loans-in-2023/

Can't happen in Biafra.

They know how we roll over here.

SMH

TheboyGhost:
Can't happen in Biafra.

They know how we roll over here.

The only thing you roll in Biafra is the head of your monarchs and chiefs after beheading them... Y'all enjoy kicking their heads, watching it roll down the street.