Touchaheart – President Bola Tinubu, has revealed its plan to spend N5.095 billion on acquiring a Presidential yacht for the Nigerian Navy as part of its capital expenditure in the 2023 supplementary budget.
The budget also includes N5.5 billion for the education loan fund, which is aimed at providing interest-free loans to students of higher institutions across the country.
The 2023 supplementary appropriation details of MDA spending, which was obtained by Touchaheart, shows that the Nigerian Navy has a total budget of N62.8 billion, comprising N42.3 billion for capital expenditure and N20.42 billion for recurrent expenditure.
Some of the other items in the budget proposal from the Nigerian Navy are; the purchase of vehicles, construction of the naval base in Lekki and Epe, provision of critical equipment, and purchase of ammunition.
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The student loan program: A landmark initiative to boost access to education
The education loan fund, which is part of the capital supplementation for the 2023 supplementary budget totalling N210.5 billion, is based on the Access to Education Act also called Student Loan Act that was sponsored by Rt. Hon Femi Gbajabiamila and passed by the ninth National Assembly but signed into law by President Tinubu in June.
The law seeks to provide interest-free loans to students of higher institutions across the country and bring an end to incessant industrial actions plaguing higher institutions of learning in the country.
President Bola Tinubu, during a recent address at the Nigeria Economic Summit, noted that the student loan program “must begin in January 2024” after initial delays.
Industrial Actions in Nigerian Universities: A recurring challenge for the education sector
Nigerian higher institutions have been plagued by recurring industrial actions from staff unions, such as ASUU, ASUP, etc. The major reasons for the strikes include lack of funding and autonomy of tertiary institutions.
In 2022, around 8 months of learning in Nigerian Universities was lost due to industrial action from the Academic Staff Union of Universities.
In 2020, the University staff union also embarked on a 9-month strike to press home their demands from the government.
