In a move outlined in the 2023 supplementary budget, spearheaded by the Bola Tinubu-led administration, Nigeria is set to allocate ₦5.095 billion for the acquisition of a presidential yacht. This development was unveiled in the detailed supplementary appropriation documents from various Ministries, Departments, and Agencies, as obtained by Nairametrics.
The supplementary budget further reveals the Nigerian Navy’s proposed capital expenditure of ₦42.3 billion and recurrent expenditure of ₦20.42 billion, amounting to an estimated budget of approximately ₦62.8 billion. This comprehensive budget encompasses a range of critical initiatives, including the procurement of vehicles, the construction of naval bases in Lekki and Epe, the provision of essential equipment, and the acquisition of ammunition.
Of particular note in this budget proposal is the earmarking of ₦5.095 billion for the acquisition of a presidential yacht, signaling Nigeria’s intent to enter the realm of maritime luxury.