5 billion presidential yacht

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President Bola Tinubu

Tinubu budgets N5bn for presidential yacht, N5.5bn for Nigerian students’ loan

The sum is part of the n2.17 trillion supplementary budget mr tinubu sent to the national assembly for approval..

President Bola Tinubu has budgeted N5 billion each for the purchase of a Presidential Yacht and another N5.5 billion for the Education Loan Fund as part of the implementation of the Higher Education Access Act, 2023, otherwise known as Students Loan Act.

The sum is part of the N2.17 trillion supplementary budget Mr Tinubu sent to the National Assembly for approval. The President also budgeted N5.1 billion for the rehabilitation of 100 schools in 100 days programme in the Federal Capital Territory (FCT).

The budget has already scaled the second reading at the House of Representatives.

Outrageous spending

The president has come under fire for also budgeting N28 billion for the purchase of luxury cars for himself, the first lady, as well as the renovation of the president’s residence among other spending for the state house.

The review of the proposed supplementary budget showed that despite the country’s economic challenge, the government is also planning to spend N12.5 billion on the Presidential Air Fleet.

The budget also showed N4 billion for the renovation of the residential quarters of the president, and N2.5 billion for the renovation of the Vice President’s residence.

The government also plans to spend another N2.9 billion on Sport Utility Vehicles (SUV) for the Presidential Villa, and another N2.9 billion to replace operational vehicles for the presidency.

The government also plans to spend N1.5 billion on vehicles for the Office of First Lady, which doesn’t exist under the country’s law.

This is the latest in the extravagant spending by the Nigerian government despite its continuous plea to Nigerians to endure the current hardship caused by the removal of petrol subsidy, which has led to a hike in the price of commodity goods by more than 300 per cent.

Last week, members of the House of Representatives began sharing a 2022 model of Toyota Landcruiser Prado Sport Utility Vehicles (SUV) to its members. The cost of the “operational vehicles” purchased for 469 members of the National Assembly is above the package prescribed for the lawmakers by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). While PREMIUM TIMES couldn’t confirm the actual unit price of the SUVs, it is expected to be between N130 million and N160 million.

Students’ loan budget, implementation

The Higher Education Act signed into law by President Tinubu in June was supposed to take off in September but the president announced recently that the implementation has now been scheduled for January 2024.

The Education Loan Fund was created by an Act and is to be domiciled and managed by the Central Bank of Nigeria (CBN).

The Act listed its sources of funding to include; one per cent of all profits accruing to the federal government from oil and other minerals; one per cent of taxes, levies and duties accruing to the federal government from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigerian Customs Service (NCS); education bonds and education endowment fund schemes. The loan will also be funded through donations, gifts, grants, endowment and revenue accruing to the fund from other sources.

Meanwhile, the law also stipulates the constitution of a special 11-man committee chaired by the CBN governor, a secretary to be appointed by the chairperson. It is unclear whether this committee has been constituted or not.

Other committee members, as stipulated by the Act, include the ministers responsible for education and finance, or the latter’s representatives, and the Auditor-General of the Federation.

Also listed are: the Chairman, the National Universities Commission (NUC), a representative of the forum of university vice-chancellors, a representative of the forum of polytechnic rectors and forum of provosts of all colleges of education in the country.

The repayment of the loan begins exactly two years after the completion of the participation in the NYSC programme, according to the Act.

From its inception, the bill, now an Act, has generated controversy with some sections of the public accusing the government of attempts to wash its hand off the funding of tertiary institutions. The institutions are chronically underfunded, leading to disputes between the government and staff unions.

READ ALSO:  Be ready to perform or quit, Tinubu tells ministers

More than a dozen Nigerian public universities have increased the fees payable by Nigerian students by more than 100 per cent, despite the government insisting that the institutions remain tuition-free.

The president’s spokesperson, Ajuri Ngelale, is yet to respond to PREMIUM TIMES’ inquiry on it. He had said on the phone on Wednesday that there was a network jam where he was. But he has yet to respond to messages sent to him conveying the questions.

Qosim Suleiman is a reporter at Premium Times in partnership with Report for the World, which matches local newsrooms with talented emerging journalists to report on under-covered issues around the globe

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Nigeria News

Navy clarifies n5 billion budget for presidential yacht.

The Nigerian Navy has confirmed the plan to purchase a yacht worth N5 billion in the Supplementary Budget forwarded to the National Assembly.

It was reported that the federal government had planned to purchase a Presidential yacht  worth N 5 billion after  the Federal Executive Council (FEC)  approved  N2.17 trillion as the 2023 supplementary budget .

Naija News  learned that the proposed sum is under the capital expenditure of the Nigerian Navy’s budget.

Following the public outrage that trailed the development, the House of Representatives scrapped the controversial N5 billion presidential yacht from the 2023 supplementary budget and transferred it to the Student Loan budget.

However, in a statement on Thursday, the spokesman of the Nigerian Navy, Commodore Adedotun Ayo-Vaughan , said the budgeted presidential yacht was meant to replace the defunct presidential Yacht ‘MV Amaria’.

Ayo-Vaughan explained that the presidential yacht had always been an integral part of its fleet, saying the most talked about budgeted Yacht was conceived under the Muhammadu Buhari administration.

The Navy spokesman noted that the request was approved, but there was no cash backing it, hence the current administration only ratified what was already done and nothing new.

He said, “It was under the immediate past administration a long overdue request was made for a Presidential yacht to replace MV AMARIA, the defunct Presidential yacht. Also, to be used for the Presidential Fleet Review 2023 that was held in May this year, it was approved, but no cash backing.

“The new administration of President BAT only ratified what was already done. The Presidential yacht is, in fact, an integral part of the Navy fleet, and recall that the Federal Government of Nigeria had approved, supported, funded and driven the Navy’s fleet recapitalisation and renewal effort for well over eight years. The yacht has always been there. That’s what the public needs to know.”

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Reps block controversial proposal to buy presidential yacht for ₦5 billion

The budget for the yacht has been transferred to student loans.

The House of Representatives has thrown out the controversial presidential yacht from the 2023 supplementary budget.

Recommended articles.

The chairman of the House of Representatives Committee on Appropriations, Abubakar Bichi, said the budget for the yacht has been transferred to student loans.

Bichi disclosed this while addressing journalists after the passage of the supplementary budget on Thursday, November 2, 2023.

He said, "As far as we are concerned, we don’t have that presidential yacht anymore. We have increased the student loan”

"If you recall, the student loan was ₦ 5 billion in the budget but we have increased it to ₦ 10 billion."

There’s been an outcry over the controversial presidential yacht since the details of the ₦2.1 trillion supplementary budget submitted to the national assembly were published.

Meanwhile, the presidency has said that President Bola Tinubu did not ask for a presidential yacht.

In its reaction to the criticisms that trailed the issue, Tope Ajayi , the Senior Special Assistant to the President on Media and Publicity in a piece published on Thursday said the President did not ask for a yacht because he didn't need one to perform his function.

He wrote, "The trending issues on social media since yesterday are two items in the 2023 supplementary budget. One is the provision for a presidential yacht in the supplementary budget by the Navy and the other is over ₦ 6 billion for vehicles to the State House.

"It is important to state clearly that President Bola Tinubu didn't ask for a presidential yacht and I doubt he needs one to perform the functions of his office. From what I know, the request for a yacht, however it is named or couched in the budget is from the Navy and they must have operational reasons for why it is required."

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The navy also plans to build naval bases in Lekki and Epe.

Nigeria’s federal government has, in the 2023 supplemental budget, proposed the allocation of N5.5 billion for the education loan fund and N5.095 billion for the Nigeria Navy, which would be used to acquire a presidential yacht.

The 2023 supplemental appropriation details for MDA expenditures include this information.

The Nigerian Navy suggested spending N20.42 billion on recurring expenses and N42.3 billion on capital expenditures, for a total budget of around N62.8 billion, according to the paper.

The Nigerian Navy’s budget plan also includes the following items: buying vehicles, building naval bases in Lekki and Epe, supplying necessary equipment, and buying ammunition.

To pay for student loans, the federal government suggested creating an education loan fund with a N5.5 billion budget under the capital supplementation for the supplemental budget for 2023. The 2023 supplemental budget included a total of N210.5 billion in capital supplementation.

Rt. Hon. Femi Gbajabiamila sponsored the Access to Education Act, popularly known as the Student Loan Act, which was approved by the ninth NASS but signed into law by President Tinubu in June.

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The bill aims to stop the ongoing labour strikes that plague the nation’s higher education institutions and offer interest-free loans to students at all of these schools.

Following early setbacks, President Bola Tinubu stated in a recent speech at the Nigeria Economic Summit that the student loan scheme “must begin in January 2024.”

Recurrent industrial strikes by staff unions, ASUU, ASUP, and other organizations have plagued Nigerian higher education institutions. The activities are primarily motivated by a lack of financing and tertiary institution autonomy.

Due to industrial action by the Academic Staff Union of Universities, about eight months of teaching were missed at Nigerian universities in 2022.

To further hammer home its demands from the government, the University staff union also went on a nine-month strike in 2020.

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N5bn & N12.7bn for Presidential Yacht & Air Fleet, N5.5bn for Student Loan Fund … Inside President Tinubu’s N2.176trn Supplementary Budget

In the breakdown of the budget, the Ministry of Defence received the highest allocation of N476.543 billion, Works was allocated N300 billion, and the Ministry of Agriculture and Food Security got N200 billion.

Under the State House section of the budget, N2.9 billion was earmarked for purchase of SUV vehicles; the purchase of official vehicles for the office of the First Lady (N1.5 billion); renovation of the residential quarters of Mr. President (N4 billion); renovation of Dodan Barracks—the official residence of Mr. President (N4 billion); renovation of the official quarters of the Vice President in Lagos (N3 billion); construction of an office complex in Aso Rock (N4 billion). In the Office of the National Security Adviser section, the Presidential Air Fleet will receive a budget allocation of N12.7billion. In the Nigeria Navy section, N5 billion was earmarked for a Presidential Yacht.

N5 billion was allocated for the renovation of 100 schools; another N5.5 billion was for Education Loan Fund (funding for Student Loans); Housing got N100 billion; the Federal Capital Territory Administration got N100 billion; the Department of State Services (DSS) got N49bn; and Police Formations and Command got N50 billion.

In the supplementary appropriation bill, Service Wide Votes was allocated N615 billion.

Other allocations include the Department of State Services (N49 billion), the Office of the National Security Adviser (N29.7 billion), and the Independent National Electoral Commission (N18 billion) for the conduct of the forthcoming off-cycle governorship election in Bayelsa, Kogi, and Imo States on November 11.

The proposal is, however, subject to the approval of the National Assembly.

Read the full supplementary budget here .

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“N5 billion Presidential yacht deal signed and delivered before budget proposal” – Ndume

The Chief Whip of the Senate, Senator Ali Ndume, has confirmed that the presidential yacht deal, originally in the supplementary budget, has been signed and the yacht has already been delivered.

He, however, mentioned that the payment hadn’t been made before the passage of the supplementary budget.

Ndume made this disclosure while featuring on Arise Television on Friday.

He said that the procurement of the deal is what necessitated its addition to the supplementary budget.

Recall that the House of Representatives rejected the federal government’s proposal to allocate N5 billion for the purchase of a presidential yacht in the supplementary budget.

The proposed presidential yacht ignited public outcry among Nigerians, with many condemning it as an extravagant expenditure, especially given the country’s current economic challenges.

Ndume clarified that the deal had already been sealed before it was added to the supplementary budget, stating that the Navy added the yatch as part of their military hardware to tackle insecurity in the country.

• “We queried the amount budgeted for the yacht, but it was signed for a dollar rate, and the new rate isn’t favourable. The budget was predicated for about N435, and now it is over N800.
• “The Navy also clarified that it is not a new budget. And even the House of Representatives moved the budget to the Student loan. The deal for the yacht has been agreed, signed, and delivered but not paid for” Ndume said.

More Insights

Responding to a question on the allocation of N160 million for SUVs to each National Assembly lawmaker, the Chief Whip pointed out that it follows the standard procedure of government employees purchasing vehicles for their official responsibilities.

He said that the vehicles’ pricing was subject to fluctuations in the naira-to-dollar exchange rate, stressing the legislators’ need for these vehicles.

• “The reason why we did not choose Nigerian-made cars is because they don’t manufacture their vehicles, but they assemble them.
• “I prefer Nigerian-made products, but the Nigerian car companies are only buying the vehicle parts and assembling them here.
• “Also, our roads are really bad, and it is not sustainable for lawmakers to traverse the country with vehicles that are not heavily lifted like SUVs,” he added.

What you Should Know

Earlier, Nairametrics reported that federal lawmakers have removed the controversial presidential yacht item in the 2023 supplementary budget and transferred the N5 billion allocated for it to student loan.

The Chairman of the House Committee on Appropriation, Abubakar Bichi (APC, Kano), revealed this information on Thursday, November 2, when he spoke to reporters following the approval of the N2.17 trillion supplementary budget by the House.

Bichi said that the committee had eliminated the item and transferred the funds to the student loan division, totalling N10 billion.

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FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

The Federal Government of Nigeria has proposed the allocation of N5.095 billion for the purchase of a Presidential yacht and N5.5 billion for the education loan fund in the 2023 supplementary budget, according to details obtained by Nairametrics.

The 2023 supplementary appropriation details reveal these budget allocations, which are part of the capital expenditure for the Nigerian Navy and an education loan fund to support students pursuing higher education.

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The Nigerian Navy’s budget proposal includes a capital expenditure of N42.3 billion and a recurrent expenditure of N20.42 billion, resulting in a total budget of approximately N62.8 billion. In addition to the Presidential yacht, the Navy’s proposed expenditures encompass various initiatives such as the acquisition of vehicles, the construction of naval bases in Lekki and Epe, the provision of critical equipment, and the purchase of ammunition.

Under the capital supplementation for the 2023 supplementary budget, the Federal Government has allocated N5.5 billion for the education loan fund, which is designed to fund student loans. This funding is part of the broader capital supplementation totaling N210.5 billion for the 2023 supplementary budget.

The Access to Education Act, also known as the Student Loan Act, was sponsored by Rt. Hon Femi Gbajabiamila and passed by the ninth National Assembly. It was subsequently signed into law by President Bola Tinubu in June. The primary objective of this law is to provide interest-free loans to students attending higher education institutions across Nigeria, with the aim of addressing the issues of insufficient funding and frequent industrial actions that have affected higher education institutions in the country.

President Bola Tinubu, in a recent address at the Nigeria Economic Summit, emphasized the urgency of implementing the student loan program, stating that it “must begin in January 2024” after initial delays.

Nigerian higher education institutions have been grappling with recurring industrial actions, primarily led by staff unions such as the Academic Staff Union of Universities (ASUU) and the Academic Staff Union of Polytechnics (ASUP). These strikes have been triggered by issues related to inadequate funding, lack of institutional autonomy, and other long-standing grievances. In recent years, these actions have led to significant disruptions in the academic calendar, with students losing months of learning due to prolonged strikes. The student loan program is seen as a crucial step to address some of these challenges and ensure the uninterrupted pursuit of higher education in the country.

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BREAKING: Tinubu Asked For N5 Billion Presidential Yacht? Spokesman Opens Up

• The federal government has proposed an allocation of N5.095 billion for the acquisition of a presidential yacht
• The proposed budget allocation for the yacht is captured in the budget for the Nigerian Navy
• Following this development, Nigerians have been reacting on social media, with many alleging lavishness

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FCT, Abuja - The Senior Special Assistant on Media and Publicity, to President Bola Tinubu , Temitope Ajayi, has said the Nigerian leader did not ask for a presidential yacht.

Ajayi said the request for a yacht in the 2023 supplementary budget is from the Nigerian Navy "and they must have operational reasons for why it is required".

Tinubu didn’t ask for presidential yacht - Ajayi

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The presidential aide made this clarification in a piece on Thursday, November 2.

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Ajayi urged Nigerians to always seek enlightenment "and not create an atmosphere of siege".

"The budget office should be in a position to also explain to the public why such expenditure should be accommodated now, considering the economic situation of the country.

"I must readily admit that the one reason our budgeting system has been a subject of public attack is the very simplistic way some of the line items are described by civil servants, who prepare the budget."

Ajayi's article can be read in full below:

Omokri alleges attempt to undermine Tinubu's govt

Earlier, Legit.ng reported that Reno Omokri, the former Special Assistant on social media to ex-President Goodluck Jonathan , said whoever included the contentious N5.095 billion Presidential Yacht allocation in Nigeria's budget "is likely a fifth columnist".

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Omokri alleged that an infiltrator is responsible for the controversial addition, according to him, 'to undermine the Tinubu administration'. He added that "the claim that President Tinubu is unaware of it still makes it wrong".

FG budgets N5bn for Yacht

Legit.ng also reported that President Tinubu's administration announced plans to spend N5.095 billion on a presidential yacht.

This figure was captured in the 2023 supplementary appropriation details of Ministries Departments and Agencies (MDA) spending.

Source: Legit.ng

“I didn’t ask for N5 billion presidential yacht” – Tinubu

President Bola Ahmed Tinubu has said that he did not request for the N5 billion presidenial yacht proposed by the Nigerian Navy.

Tinubu stated this while speaking through his spokesperson, Tope Ajayi, on Thursday.

There has been outrage since details of the N2.1 trillion supplementary budget Tinubu submitted to the National Assembly were published.

The N5.09 billion presidential yacht was listed under the Nigerian Navy’s proposed capital expenditure of N42.3 billion.

Reacting to the criticisms that have trailed the issue, Ajayi said he doubted if President Tinubu  needed one to perform the functions of his office.

“The trending issues on social media since yesterday are two items in the 2023 supplementary budget. One is the provision for a presidential yacht in the supplementary budget by the Navy and the other is over N6 billion for vehicles to the State House,” he said.

“It is important to state clearly that President Bola Tinubu didn’t ask for a presidential yatch and I doubt he needs one to perform the functions of his office. From what I know, the request for a yacht, however it is named or couched in the budget is from the Navy and they must have operational reasons for why it is required.

“The budget office should be in a position to also explain to the public why such expenditure should be accommodated now, considering the economic situation of the country. I must readily admit that the one reason our budgeting system has been a subject of public attack is the very simplistic way some of the line items are described by civil servants, who prepare the budget.

”Examples abound. Sometimes in 2016, an Enterprise Resource Planning ( ERP) project of the Ministry of Solid Minerals worth over N300m then was captured in that year’s budget as “website”. Naturally, it generated a massive controversy as people, rightly, asked to know the type of website that will be built with N300million.

“It is important to say that journalism should enrich public enlightenment and not create an atmosphere of siege. It is poor reporting to always reduce State House budgetary provisions to the President and Vice President. When the State House makes provision for vehicles, it is reported as if it is the President that will use all the vehicles or eat all the food when a provision is made for food and catering services.

“We have had such inaccurate reporting in the past. A President and Vice President cannot, for any reason, spend N20 million naira to eat in a year if it is about the food they will eat as first and second families. How much food can a person really eat? Yet, we will read headlines that Tinubu, Buhari, Jonathan or whoever the President is wants to spend N5billion on food and catering in a year when in actual fact such budgetary provisions are made to accommodate many state events, meetings, hosting of VIPs, foreign dignitaries, and even visits by other Heads of State, and bilateral and multilateral meetings that the State House will deal with in a given year,” Ajayi added.

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Trump says he has nearly $500 million in cash but doesn’t want to use it to pay New York judgment

Donald Trump is hurtling toward a Monday deadline to secure a financial guarantee on the more than $454 million he owes the state in a civil fraud lawsuit brought by New York’s attorney general Letitia James.

FILE - Republican presidential candidate former President Donald Trump speaks at a campaign rally, March 9, 2024, in Rome Ga. Trump’s lawyers kept pressing an appellate court Wednesday, March 20, to excuse him from covering a $454 million fraud lawsuit judgment for now, saying he’d suffer “irreparable harm” before his appeal is decided. (AP Photo/Mike Stewart, File)

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FILE - New York Attorney General Letitia James speaks Feb. 16, 2024, in New York. Donald Trump could be at risk of losing some of his prized properties if he can’t pay his staggering New York civil fraud penalty. James told ABC News on Tuesday that she will seek to seize some of the former president’s assets if he’s unable to cover the bill from Judge Arthur Engoron’s Feb. 16 ruling.(AP Photo/Bebeto Matthews, File)

NEW YORK (AP) — Donald Trump claimed on Friday to have almost a half-billion dollars in cash but said he’d rather spend it on his presidential run than on the $454 million civil fraud judgment against him in New York. The former president vowed to fight the verdict “all the way up to the U.S. Supreme Court if necessary” as the state gears up to potentially seize some of his assets if he doesn’t pay the hefty tab.

Trump has been trying to get a state appeals court to excuse him from a requirement that he provide financial guarantees showing he’s good for the money while he appeals the staggering verdict .

The presumptive Republican presidential nominee didn’t provide any documentation for his cash claim, and his lawyers have suggested it’s not feasible to tie up so much cash on a bond while also keeping his businesses running and meeting other obligations. Among them, according to financial records: a condition on one of his property loans that he maintain a minimum liquidity of $30 million.

A Manhattan judge in February found that Trump repeatedly lied about his wealth on financial statements given to banks and others to secure loans and make deals. The judge ordered him to give up profits from certain real estate deals and money he saved by obtaining lower interest rates on loans. Trump denies that he tried to deceive anyone.

As recently as Thursday, Trump’s lawyers reiterated in court filings that they were having difficulty obtaining a bond covering the judgment because underwriters insisted on cash, stocks or other liquid assets instead of real estate as collateral. More than 30 bonding companies rejected their entreaties, they said.

Trump’s lawyers asked the state’s intermediate appeals court to reverse a prior ruling requiring that he post a bond covering the full amount to halt enforcement. New York Attorney General Letitia James has fought Trump’s request, urging the appeals court to require the full amount to ensure the state can easily access the money if the verdict is upheld.

To obtain a bond, Trump’s lawyers said he would likely have to put up 120% of the judgment, or more than $557 million. The appeals court has yet to rule.

“I’ll fight this all the way up to the U.S. Supreme Court if necessary,” Trump told Fox News Channel on Friday. Mischaracterizing the law, he added: “They can’t take away your property before you’ve had a chance to appeal.”

Because the fraud case was tried in state court, Trump would likely have to exhaust the state appeals process first or ask a federal court to take up the case, which is rare, to even have a chance bring his fight to the U.S. Supreme Court. A litigant who loses in a federal appeals court or in a state’s high court — in New York, called the Court of Appeals — may then file a petition for a writ of certiorari, which is a document asking the Supreme Court to review the case.

Contrary to Trump’s claim, seizing assets is a common legal tactic when someone can’t access enough cash to cover a civil penalty, even while an appeal is pending. Appealing doesn’t, in itself, halt collection. Barring court intervention, James would be well within her legal rights to initiate seizure of Trump’s property if he doesn’t pay.

In a post Friday on his Truth Social platform , Trump suggested he had enough cash to at least cover the judgment in full — but didn’t think he should have to spend it that way.

“Through hard work, talent, and luck, I currently have almost five hundred million dollars in cash,” he wrote in all caps, adding that he had planned to use “a substantial amount” on his presidential campaign.

Trump has never before suggested that he would contribute to his own 2024 campaign and has been soliciting contributions from outside donors since before he left the White House. When he ran in 2016, Trump repeatedly claimed that he was self-funding his campaign, even though he relied on donor funds.

“I don’t need anybody’s money,” he said in his announcement speech in 2015. “I’m using my own money. I’m not using the lobbyists, I’m not using donors. I don’t care. I’m really rich.”

In the end, Trump ended up spending about $66 million of his own cash in loans and contributions on that race — far less than the $100 million he frequently promised.

Whether Trump actually has nearly $500 million in cash, as he claimed, could become the subject of a future court battle over his assets. James, a Democrat, could start efforts to collect on the legal judgment she won against Trump as soon as Monday unless an appeals court intervenes.

James has said she is prepared to seek to seize some of Trump’s assets , though it wasn’t clear how quickly that might unfold. Her office has declined to comment on its plans.

Last April, Trump testified in a deposition in the civil fraud case that he had “substantially in excess of 400 million in cash,” but that was before he sold his rights to manage a New York City golf course to casino operator Bally’s for $60 million. Recently, Trump had to post a $91.6 million bond to keep from paying a $83.3 million defamation judgment to writer E. Jean Carroll while he pursues an appeal in that case.

Previously, on a June 30, 2021, financial statement, Trump reported having $293.8 million in cash and cash equivalents and an overall net worth of $4.5 billion.

Trump’s substantial personal wealth likely grew even more Friday when shareholders of a publicly traded shell company approved a deal to merge with his media business, which operates the social networking site Truth Social. Based on Thursday’s stock price, Trump’s stake in the company could be worth more than $3 billion, though rules could potentially prevent him from selling newly issued shares for at least six months.

Associated Press reporter Jill Colvin contributed to this report.

Mark Zuckerberg's Net Worth Grows By $28.1 Billion As Billionaire Trades $30 Million Mansion For $300 Million Yacht

Meta Platforms Inc. (NASDAQ:META) CEO Mark Zuckerberg is reorganizing his portfolio, selling his $29.6 million mansion in Woodside, California, only to set his sights on a $300 million yacht.

The sale of Zuckerberg’s Woodside mansion, acquired in December 2021, marks a significant shift in his real estate holdings. 

This 3.5-acre property was just one among his extensive collection of homes, which currently spans approximately 10 residences scattered across California, along with a vast 1,400 acres of land in Hawaii.

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Zuckerberg isn’t downsizing — he's upgrading his lifestyle, setting his sights on a $300 million yacht. This luxurious vessel, complete with a $30 million partner boat, elevates Zuckerberg’s status in the billionaire’s circle.

His acquisition of the yacht occurred in early March during a trip to the Netherlands, with the vessel making its debut appearance on March 20 at Port Everglades in Fort Lauderdale, Florida, where it is docked.

With Zuckerberg’s net worth soaring to $178.6 billion, he now ranks as the fourth richest person globally.

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Despite the price tag, this expenditure is a fraction of Zuckerberg’s wealth, which surged by $28.1 billion following Meta’s recent success in exceeding Wall Street’s expectations.

Additionally, with Meta's latest announcement of a quarterly dividend, Zuckerberg, holding 350 million shares, anticipates an annual payout nearing $700 million before taxes. 

It’s important to note that this payout is solely derived from dividends and does not encompass Zuckerberg’s compensation. In 2022, Zuckerberg received $27.1 million in total compensation, including private security costs and a base salary of $1, according to filings. Information regarding his 2023 compensation has yet to be released.

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

This article Mark Zuckerberg's Net Worth Grows By $28.1 Billion As Billionaire Trades $30 Million Mansion For $300 Million Yacht originally appeared on Benzinga.com .

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Indonesia’s new capital Nusantara draws more investor interest after Prabowo presidential win

SINGAPORE - Investor interest in Indonesia’s proposed new capital Nusantara has been renewed, following official results that confirmed Defence Minister Prabowo Subianto will be the country’s next president.

Much of the foreign investor interest has come from Singapore, according to Mr Bambang Susantono, head of the Nusantara Capital Authority, the Cabinet-level agency tasked with managing and developing the future capital.

In his election campaign, Indonesian President-elect Prabowo promised to continue the development of Nusantara, which was the brainchild of outgoing Indonesian President Joko Widodo.

“After the election, I could see the euphoria, some positive energy (for investment),” Mr Bambang told The Straits Times on the sidelines of the Indonesia-Singapore Business Forum 2024 held at the Hilton Singapore Orchard on March 27.

“The pace of discussions has picked up and it’s now a high time for us.”

Mr Bambang, a trained civil engineer and economist, added: “I think it’s very clear that we have continuity and sustainability (for the Nusantara project). And the President-elect has visited us, he has also put his confidence in the project.”

The ambitious dream of moving Indonesia’s capital from Jakarta to a location some 2,000km away in the middle of a forest in East Kalimantan was the signature project for Mr Widodo, who is popularly known as Jokowi.

He will step down in October after a decade in office. He made the drive to modernise the nation’s infrastructure a hallmark of his administration.

President-elect Prabowo pledged to continue the policies of the Jokowi administration, riding the tacit support of the popular incumbent to win almost 60 per cent of the ballots cast. His incoming Vice-President, Mr Gibran Rakabuming Raka, is Mr Widodo’s son.

The mammoth project to relocate the capital, announced in 2019, will cost an estimated 466 trillion rupiah (S$39.5 billion). It has drawn criticism, including from Mr Prabowo’s election rivals, about its environmental impact, and scepticism over whether it can attract foreign investment.

Mr Bambang said the Nusantara Capital Authority has received 369 letters of intent from interested investors to date, with most of the foreign investor pledges originating from Singapore.

He also said there are a “couple” of Singapore companies which have shown greater commitment beyond the written pledges.

“But I cannot disclose it at this time,” he said, adding that his office typically holds three to four meetings in a day with interested parties who are not just keen to invest financially, but also to contribute in the areas of technology and renewable materials.

He said many delegations have asked to visit the site, from countries like Kazakhstan, Malaysia and Finland.

In May, more than 130 government officials and businessmen from Singapore – one of the biggest delegations – visited the 2,561 sq km site, which is about three times the size of Singapore.

Sharing recent pictures of the construction progress with attendees at the forum, Mr Bambang said that the presidential palace, the keystone of the new city, and the presidential offices are about 70 per cent completed.

These buildings will form the administrative heart of the new capital and are on track to be ready in time to host Indonesia’s Independence Day celebrations on Aug 17.

The construction of Nusantara is expected to be completed in five stages, with the first phase to be done by 2024. Housing for Nusantara’s first residents, who will be civil servants, the armed forces and the police, is expected to be done by July.

The relocation of other government workers will happen gradually, with the completion of essential infrastructure like schools, health facilities and roads in the coming years.

Nusantara is intended to relieve pressure on Jakarta, which is vulnerable to flooding owing to heavy rainfall and land subsidence, and is beset by traffic congestion and air pollution. Greater Jakarta is home to more than 30 million people.

But environmentalists have warned about the destruction of forests that are home to long-nosed monkeys and orang utans, with the development of Nusantara.

Indigenous communities around Nusantara also fear the prospect of relocation to give way to construction. Mr Bambang said they are working with all the local leaders to ensure they reach a consensus about the project.

“We want to see the locals better off and not worse off,” he added.

Nusantara plans to be sustainable and high-tech, which will take various forms in its infrastructure. Buildings, for instance, will be required to be smart and green – the first standards of this kind in the country.

Planning a city from the ground up has also allowed Indonesia to align itself with international goals related to climate change, sustainable development goals and biodiversity conservation, said Mr Bambang.

“When you have new things like that, you have an opportunity to implement all the good concepts about a city. And that allows you to put people at the heart of everything,” he said.

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Biden Widens His Financial Lead Over Trump

New federal filings on Wednesday showed the president’s campaign with a nearly $40 million advantage over the Trump campaign at the end of last month.

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By Rebecca Davis O’Brien

• March 20, 2024

President Biden’s re-election campaign had $71 million on hand at the end of February, more than double the $33.5 million in former President Donald J. Trump’s campaign account, as Democrats continued to expand their fund-raising advantage over Republicans in the presidential race.

The cash disparity was detailed in filings with the Federal Election Commission on Wednesday, when campaigns and some presidential committees had a deadline to file fund-raising and spending reports for February.

Money raised and spent by the campaigns (in millions)

This cycle began with the announcement of former President Donald J. Trump’s campaign in November 2022 and President Biden’s in April 2023.

Mr. Trump did pad his campaign’s account in February, adding more than $3 million to the cash on hand since January, when he ended the month with about $30 million on hand. But Mr. Biden’s campaign, which ended January with $56 million on hand , added $15 million in February.

While Mr. Trump is leading Mr. Biden in most national polls, Mr. Biden and the Democratic Party have a growing cash advantage — a gap that has become one of the most pressing issues facing Mr. Trump, who has been busy wooing some of the Republican Party’s biggest financiers at private dinners at Mar-a-Lago , his club and residence in Palm Beach, Fla.

Still, the financial picture remains incomplete: Both Mr. Trump and Mr. Biden are raising money through joint fund-raising committees, which will not file reports until mid-April. These committees transfer funds to the campaigns, which are better able to pay salaries and to buy advertising time at the lower rates guaranteed to candidates.

Over the weekend, Mr. Biden’s team reported raising a combined $53 million in February across the committees backing his re-election bid, with a combined total of $155 million, up from $130 million at the end of January. The April reports will provide more detail on how this money was raised, and from whom.

Mr. Biden, as the incumbent, has been raising money for months alongside the Democratic National Committee — an enormous operation that builds out the fieldwork needed in the general election.

Mr. Biden will also be backed by more than $1 billion that outside groups have pledged to support his bid — money that is separate from the party accounts that filed on Wednesday.

Mr. Trump’s campaign told Fox News on Wednesday that it had raised a combined $20.3 million with a joint fund-raising committee, with $42 million on hand between the two groups.

Some of Mr. Biden’s advantage is that of a traditional incumbent. Mr. Trump became the presumptive Republican nominee only in March, and immediately proceeded to gut the Republican National Committee and fill it with loyalists. The committee itself reported raising $10.7 million in February, and ended the month with $11.3 million on hand.

Mr. Trump’s legal battles have also been a drain on his overall election funds. He faces four criminal indictments along with civil cases, which are proving costly . Last year, committees backing him spent at least $50 million on legal expenses, filings show, and those costs are likely to balloon as he prepares for potential trials this year.

A super PAC backing Mr. Trump, Make America Great Again Inc., reported raising $12.8 million in February, with $25.5 million on hand, up from $19.7 million at the end of January.

Biden and Trump campaigns compared to 2020

By the end of the 2020 cycle Biden had raised and spent more than $1 billion and Trump more than $700 million dollars.

Cumulative contributions

Cumulative expenditures.

The report filed on Wednesday for one of Mr. Trump’s committees — a leadership PAC called Save America, which he has used to pay his legal bills — reported $4 million on hand at the end of February, down from more than $6 million in January.

That change appears to be attributable to an uptick in Mr. Trump’s legal expenses. The group spent nearly $5.6 million in February on bills to the legal teams defending him.

An earlier version of this article misidentified when Donald J. Trump became the presumptive Republican nominee. It was March, not February.

How we handle corrections

Rebecca Davis O’Brien covers campaign finance and money in U.S. elections. She previously covered federal law enforcement, courts and criminal justice. More about Rebecca Davis O’Brien

Our Coverage of the 2024 Elections

Presidential Race

Barack Obama, fearing that President Biden could lose to Donald Trump, has been making regular calls to the White House  to strategize and give advice.

Even as activists focus their ire on Biden  over his approach to the war in Gaza, the advisers who shaped Trump’s Middle East policies when he was president have amplified calls for the expulsion of Palestinians from Gaza .

Robert Kennedy named Nicole Shanahan , a Silicon Valley lawyer, investor and political neophyte, as his running mate  in his independent presidential bid.

Other Key Races

Tammy Murphy, New Jersey’s first lady, abruptly ended her bid for U.S. Senate, a campaign flop that reflected intense national frustration with politics as usual .

Kari Lake, a Trump acolyte running for Senate in Arizona, is struggling to walk away from the controversial positions  that have turned off independents and alienated establishment Republicans.

Ohio will almost certainly go for Trump this November. Senator Sherrod Brown, the last Democrat holding statewide office, will need to defy the gravity of the presidential contest  to win a fourth term.