Nigeria Lawmakers Reject $6M Presidential Yacht Amid Economic Crisis, Allocate Funds to Student Loans Instead

Nigeria's House of Representatives rejected the government's plan to buy a $6 million presidential yacht amid an economic crisis.

The $6 million was instead allocated to double the student loan budget.

The yacht purchase triggered criticism as wasteful spending by new President Bola Tinubu.

The controversy comes as Nigeria faces high inflation, poverty, and a falling currency.

Lawmakers approved other luxury State House expenditures like vehicles and a presidential office.