The sum is part of the N2.17 trillion supplementary budget Mr Tinubu sent to the National Assembly for approval.
President Bola Tinubu has budgeted N5 billion each for the purchase of a Presidential Yacht and another N5.5 billion for the Education Loan Fund as part of the implementation of the Higher Education Access Act, 2023, otherwise known as Students Loan Act.
The government also plans to spend another N2.9 billion on Sport Utility Vehicles for the Presidential Villa, and another N2.9 billion to replace operational vehicles for the presidency. The Act listed its sources of funding to include; one per cent of all profits accruing to the federal government from oil and other minerals; one per cent of taxes, levies and duties accruing to the federal government from the Federal Inland Revenue Service , Nigeria Immigration Service and Nigerian Customs Service ; education bonds and education endowment fund schemes. The loan will also be funded through donations, gifts, grants, endowment and revenue accruing to the fund from other sources.
Also listed are: the Chairman, the National Universities Commission , a representative of the forum of university vice-chancellors, a representative of the forum of polytechnic rectors and forum of provosts of all colleges of education in the country.There was a problem processing your submission. Please try again later.
More than a dozen Nigerian public universities have increased the fees payable by Nigerian students by more than 100 per cent, despite the government insisting that the institutions remain tuition-free.
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