Tinubu signs $2.8bn budget for bulletproof SUVs and renovations

Abuja — Nigerian President Bola Tinubu has signed into law a $2.8bn supplementary budget that includes funding for new bulletproof SUVs for himself and his wife, despite widespread criticism from citizens facing a cost-of-living crisis.

The budget, which was approved by legislators on November 2, also includes allocations for a presidential air fleet, official vehicles for the first lady’s office and renovations to the president’s residential quarters.

Before approving the budget, legislators eliminated $6.1m earlier budgeted for a “presidential yacht” and moved it to “student loans”, reports said.

Tinubu’s spokesperson said at the time the president had not given approval for the yacht, whose allocation was provided under the Nigerian navy’s budget.

The spending plan was initially proposed by Tinubu as a means to address “urgent issues” such as defence and security.

However, specific allocations for such areas have been overshadowed by the allocation of funds for items seen as luxuries items and on renovations for the president’s residential quarters.

Opponents of the budget have argued that the spending is unnecessary and insensitive to the plight of ordinary Nigerians, who are struggling to make ends meet amid rising inflation and economic hardship.

Africa’s most populous nation is grappling with double-digit inflation, foreign currency shortages, a weakening naira, widespread insecurity and crude oil theft.

Tinubu, who was sworn into office in May, has been under pressure from unions to offer relief to households and workers. He has asked Nigerians to be patient with reforms.

Reuters