News

Nigerian Govt Approves $618 Million Loan for Air Force Jet Purchase

Published

2 months ago

Oct 24, 2024.

The Federal Executive Council (FEC) has approved a $618 million loan from a consortium of international financiers for the acquisition of six M-346 attack jets, manufactured in Italy, alongside necessary ammunition for the Nigerian Air Force.

Minister of Information and National Orientation, Mohammed Idris, disclosed this decision on Wednesday, October 23, highlighting that the purchase is part of Nigeria’s ongoing efforts to strengthen its military capabilities.

EDITOR’S PICKS

EKO HOT BLOG reports that according to the Nigerian Air Force, the first three M-346 jets are expected to arrive by early 2025, with the full fleet set to be delivered by mid-2026.

This acquisition is part of a larger modernization initiative that also includes the procurement of 24 M-346 jets and ten AW-109 Trekker helicopters from Leonardo S.P.A., an Italian aerospace manufacturer.

The Air Force spokesperson, Olusola Akinboyewa, stated that a delegation led by Air Marshal Hasan Abubakar, Chief of the Air Staff, had traveled to Rome to meet with Leonardo executives to finalize the deal.

Loan Jet Purchase

The new aircraft are anticipated to enhance the firepower and operational capabilities of the Nigerian Air Force, particularly in its ongoing fight against insurgents and other security threats across the nation.

The negotiation process for this deal began in early 2024, following a meeting between Nigeria’s air force chief and Leonardo’s Vice President, Claudio Sabatino, in Abuja.

In recent years, Nigeria has significantly increased its defence budget to combat various security challenges, including the persistent threats from Boko Haram and other armed groups.

For the 2024 fiscal year, the government allocated approximately ₦3.3 trillion to the defence sector, underscoring its commitment to addressing the nation’s security issues.

Despite some progress, Boko Haram and other insurgent groups remain a significant threat, particularly in the Northeast and other regions of the country.

This new military procurement is seen as a crucial step in Nigeria’s efforts to strengthen its armed forces and improve national security.