N19 Billion Presidential Air Fleet
The Presidential Air Fleet (PAF) incurred expenses totaling N19.43 billion from July 2023 to September 2024, with N13.55 billion spent in 2024, covering 66% of the year’s budget allocation.
Most funds went towards “Forex Transit Funds” for foreign exchange needs during international engagements, including fuel, maintenance, and operational services abroad, officials said.
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EKO HOT BLOG reports that each in 2023, significant disbursements included two payments in July totaling N1.52 billion and a further N3.1 billion in August. By March 2024, disbursements of N1.27 billion in two rounds initiated this year’s overhead spending. By August, transactions reached a peak with N5.6 billion distributed over six disbursements into the PAF naira transit account.
President Tinubu’s state-owned Gulfstream G550 faced technical issues during his Netherlands-Saudi Arabia tour in April, necessitating a chartered jet.
The President’s Boeing 737 was then under maintenance, leading to the recent acquisition of a $100 million refurbished Airbus A330. Bayo Onanuga, Tinubu’s Special Adviser, emphasized that the upgrade would reduce Nigeria’s maintenance costs, countering critics’ concerns over extravagance.
N19 Billion Presidential Air Fleet
The PAF currently operates one of Africa’s largest fleets with 11 aircraft, including a Boeing 737-700, a Gulfstream G550, and newly acquired A330. The ongoing operational costs reflect both rising maintenance needs due to aircraft age and inflation from the naira’s depreciation.
Efforts to sell older models, such as the Dassault Falcon 7x, were hindered by reduced offers from buyers.
Aviation expert Olumide Ohunayo attributes increased allocations to maintenance costs due to currency fluctuations, rising insurance amid security concerns, and aging aircraft. Meanwhile, anti-corruption advocate Debo Adeniran criticized the government’s spending approach, calling it misaligned with Nigerians’ expectations of frugality amid economic hardship.
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