The lower house of Nigeria’s Parliament has turned down a government proposal to acquire a Ksh.906.9 million (USD 6 million) presidential yacht for head of state Bola Tinubu.
The proposal which was captured in a supplementary budget tabled before the House on Thursday under the Nigerian Navy’s planned capital expenditure of Ksh.8 billion (approx. USD53M), was criticised by many Nigerians who labeled the expenditure as extravagant for a nation in the middle of an economic crisis.
According to Nigeria’s National Bureau of Statistics (NBS), the West African nation’s annual inflation rate surged by 26.72 percent in September, spurred largely by food inflation which jumped by 30.64% in September from 29.34% in August.
Ironically, upon assuming office in May, Tinubu made a commitment to reduce extravagant government spending and alleviate the financial burdens of Nigerians.