In the 2023 supplementary budget, the federal government proposes to appropriate N5.095 billion for the acquisition of a Presidential yacht under the capital expenditure Nigeria Navy and N5.5 billion for the education loan fund.
This is featured in the 2023 supplementary appropriation data of MDA 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, for a total budget of roughly N62.8 billion.
The Nigerian Navy's budget request also includes the purchase of vehicles, the construction of naval bases at Lekki and Epe, the provision of key equipment, and the procurement of ammunition.
The Student Loan Program
The Federal government recommended N5.5 billion as an education loan fund in the capital supplementation for the 2023 supplemental budget. The entire capital supplementation for the supplementary budget for 2023 was N210.5 billion.
The Access to Education Act, popularly known as the Student Loan Act, was introduced by Rt. Hon Femi Gbajabiamila and passed by the ninth NASS but signed into law by President Tinubu in June.
The law aims to give interest-free loans to students at higher education institutions across the country, as well as to put a stop to the country's ongoing industrial activities.
President Bola Tinubu recently stated at the Nigeria Economic Summit that the student loan scheme “must begin in January 2024” after initial delays.
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