Navy Confirms Delivery Of N5 Billion Presidential Yacht, Faces Payment Crisis

It’s For Navy’: Presidency Confirms Plan To Purchase N5 Billion Yacht In Supplementary Budget

by Victor Ndubuisi

The intention to buy a yacht for N5 billion that was included in the supplemental budget that was sent to the 10th Senate has been confirmed by the presidency.

The federal government intends to use the 2023 Supplementary Budget of N5 billion to buy a presidential yacht, according to a previous report by

The Nigerian Navy is identified as the owner of the yacht in the supplemental budget, not President Bola Tinubu, according to a statement issued by the Presidency and signed by Special Adviser to the President on Information and Strategy, Bayo Onanuga.

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He said, in a statement released on Thursday, “Following public reactions over the provision for what is termed presidential yacht and other line items in the 2023 Supplementary Appropriation presented to the National Assembly, it is important to provide some clarifications.


“First, we need to make clear that President Bola Tinubu’s administration respects the views of Nigerians on all matters of public concern. We thus consider it very imperative to clear any misconception and misunderstanding of the issues.

“What was named as Presidential Yacht in the budget is an Operational Naval boat with specialized security gadgets suitable for high profile operational inspection and not for the use of the President. It is called a presidential yacht by way of nomenclature because of its high-level security features.

“The Naval boat was ordered by the navy under the previous administration. President Tinubu has consistently said that government is a continuum as he inherited both assets and liabilities of past administrations.

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“The payment request for the boat was part of the committed obligation submitted by the office of the Chief of Naval Staff to the Ministry of Defence. The total of the submitted requests was in excess of N200 billion out of which N62 billion was approved by the President.

“President Tinubu is focused on securing our country and territorial waters. The Federal Government under his leadership is investing more resources to enhance greater economic output from our oil and gas, marine, and blue economy.

“In President Tinubu, we have a leader who understands the economic challenges being faced by the masses. His administration is working very hard to confront and surmount those challenges. Nigerians will soon get the benefits of the ongoing reforms that will certainly lead to a buoyant and improved quality of life for all citizens.”



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