The Minister of Budget and National Planning, Atiku Bagudu, has stressed that the controversial Yacht purchase in the 2023 supplementary budget was not intended for President Bola Tinubu’s personal use.
The Minister, in a press briefing on the sidelines of a retreat for ministers and presidential aides at the State House in Abuja, refuted claims that personal interests were woven into the supplementary budget for President Tinubu.
The Minister staunchly defended President Tinubu’s commitment to a modest lifestyle, highlighting his previous residency in a three-bedroom apartment in Abuja before his election in February 2023. In his statement, he underscored that the President had always prioritized his achievements over personal comfort.
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“President Tinubu has always told us his team that he is happy with all he has achieved in life; personal comfort does not matter to him. Before he was elected president, he stayed in a three-bedroom apartment in Abuja. He lives a modest, humble life. So to suggest that something was put in the budget for his comfort is ridiculous,” the Minister asserted.
Bagudu also provided insights into the allocation of funds in the supplementary budget, clarifying that 30% was designated for the security sector, with the remainder earmarked for infrastructural development.
“President Tinubu during the campaigns repeatedly emphasized the urgency to tackle security. Not surprisingly, 30% of the supplementary budget is allocated to the defense sector. Equally, he has spoken about the need to support vulnerable populations and keep promises; 30% of the supplementary budget is also allocated to palliatives, with N400 billion for cash transfers and N200 billion for cash awards. Additionally, about 25% of the supplementary budget is allocated to infrastructure. In total, approximately 85% is dedicated to these three areas,” he stated.
The Minister acknowledged the controversy surrounding the Navy’s description of a yacht in the budget but emphasized that, in a budget of N2.2 trillion, the overwhelming majority was deemed acceptable.
“The mischaracterization or controversy that followed from the way Navy described the ship has unfortunately generated a controversy, but if out of a budget of N2.2 trillion, 95% of it is okay, I think President Tinubu should be given credit for it,” he concluded.
President Tinubu’s dedication to addressing key issues such as security, support for vulnerable populations, and infrastructure development was reiterated by Bagudu as the primary focus of the supplementary budget, dispelling claims of personal gain in the budgetary allocations.
However, this assertion has been countered by many, who believe that the minister is making an attempt at ‘damage control’ after the extravagant allocations; inserted into the 2023 Supplementary Appropriation Bill were exposed.
The opposing claims are primarily grounded in the fact that the controversial N5 billion yacht and others are included in the federal budget, with a specific line item designated for “Presidential” use. Additionally, the supplementary budget was formulated by the federal government, specifically the Executive branch headed by the president.
Given Bagudu’s reputation for corruption, it comes as no surprise to many that these events are unfolding. Bagudu is notorious for his involvement in assisting the former Nigerian Head of State, General Sani Abacha, in embezzling and laundering billions of dollars belonging to the state.