Senator Ali Ndume, the Chief Whip of the Senate, has officially confirmed that the presidential yacht deal, initially a part of the supplementary budget, has been successfully executed, and the yacht has already been delivered.
However, he clarified that the payment for the yacht had not been made prior to the passage of the supplementary budget. Senator Ndume made these revelations during an appearance on Arise Television on Friday.
He explained that the decision to include the yacht in the supplementary budget was not a retroactive action; rather, it was a direct consequence of the procurement process. It’s worth noting that the House of Representatives had previously rejected the federal government’s proposal to allocate N5 billion for the acquisition of a presidential yacht in the supplementary budget. This proposal had drawn significant public backlash due to perceived extravagance, particularly in the context of the country’s ongoing economic challenges.
Senator Ndume further clarified that the yacht deal had already been finalized before its incorporation into the supplementary budget. He pointed out that the Navy had considered the yacht as part of their military assets for addressing security concerns within the country.
“We did raise concerns regarding the budgeted amount for the yacht, which had been based on a dollar exchange rate. However, the current exchange rate is less favorable. The original budget was based on an exchange rate of approximately N435, but it has now surpassed N800.
Additionally, the Navy emphasized that this was not a new budget item. Even the House of Representatives transferred the budget allocation to student loans. It’s crucial to understand that the deal for the yacht has been fully negotiated, signed, and the yacht delivered, but payment has not been made as of yet,” Senator Ndume elucidated.
