Nigeria’s Federal Executive Council has approved a $618 million loan to purchase six fighter aircraft and ammunition for the Nigerian Air Force. This move is part of the Air Force’s fleet renewal strategy, which includes acquiring 24 M-346 combat jets and 10 AW109 Trekker helicopters. The first three M-346 jets are expected to arrive by early 2025, with subsequent deliveries until mid-2026.
Key Approvals
- Loan for Fighter Jets: The loan, totalling $618 million, will be used to procure six fighter aircraft and ammunition for the Nigerian Air Force.
- Creative Economy Fund: The Federal Executive Council also approved the establishment of a Creative Economy Development Fund to support the creative industry.
- Double Taxation Agreements: Agreements with Hong Kong and Botswana aim to prevent tax evasion and avoidance.
- Road Projects: The council approved N740 billion for the Berger stretch of the Abuja-Kano route, among other high-profile road projects.
Reactions and Concerns
Many have expressed concerns about the loan, citing Nigeria’s existing debt profile and the potential for corruption. Others have questioned the prioritization of military spending over other critical sectors, such as education and healthcare.
Additional Context
The Nigerian Air Force has been strengthening its capabilities to address security challenges in the country. The acquisition of new aircraft and equipment is seen as a strategic move to enhance national security. However, critics argue that the government should focus on addressing the root causes of insecurity, rather than solely relying on military might.
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