FEC approves $618m loan fighter jets, others

The Federal Executive Council (FEC), has given its approval for a substantial loan amounting to nearly $618 million. This funding is coming from a group of financial institutions that have banded together for this purpose. The loan will be used to purchase six attack jets, which are made in Italy and are known as M-346 jets, along with the necessary ammunition meant for the Nigerian Air Force.

This important announcement was made public by the Minister of Information and National Orientation, Mohammed Idris, during a press briefing that took place on Wednesday, October 23, 2024, at the Presidential Villa located in Abuja, the capital city of Nigeria.

The Nigerian Air Force has indicated that it expects the first three of these advanced jets to arrive in the country by the early part of 2025. Following the arrival of the first three jets, the remaining units are expected to continue arriving until approximately the middle of 2026.

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In recent years, the Federal Government has made considerable efforts to increase funding for defense and security to address various forms of security threats that the nation faces. For the 2024 fiscal year, the government has allocated a significant budget of about N3.3 trillion specifically for the defense sector.

Although there have been some positive developments in enhancing security measures, challenges still persist. The activities of Boko Haram and other armed groups continue to pose serious risks, particularly in the Northeastern region and some other areas of the country.

Additionally, during the same meeting, the FEC also approved a set of contracts totaling N44.2 billion. These contracts are directed towards the Nigeria Customs Service, allowing them to acquire new vehicles and to build residential accommodations for their personnel. This is part of a broader effort to improve operational effectiveness and living conditions for those working within the agency.