FEC Approves $618 Million Loan For Purchase Of Fighter Jets

The Federal Executive Council (FEC) has approved a loan of approximately $618 million from a consortium of financiers to procure six M-346 attack jets manufactured in Italy and ammunition for the Nigerian Air Force.

Naija News reports that the Minister of Information and National Orientation, Mohammed Idris, announced this on Wednesday, October 23.

The Air Force has indicated that the initial three jets are anticipated to arrive by early 2025, with subsequent deliveries expected to continue until mid-2026.

In a recent development, Nigeria’s Air Force revealed the acquisition of 24 Italian-made M-346 attack jets and ten AW-109 Trekker helicopters as part of its fleet modernization initiative.

Air Force spokesperson, Olusola Akinboyewa, noted that a delegation led by Chief of the Air Staff, Air Marshal Hasan Abubakar, held discussions in Rome with executives from Leonardo S.P.A., the manufacturer.

Leonardo confirmed that the first three M-346 jets are projected to arrive by early 2025, with the remaining units scheduled for delivery through mid-2026.

This acquisition is expected to enhance the firepower and aerial capabilities of troops engaged in the ongoing battle against insurgents within the country.

Negotiations with the Italian firm commenced in early 2024, following a meeting between Claudio Sabatino, Vice President of Leonardo, and Nigeria’s air force chief, Hasan Abubakar, in Abuja.

In recent years, the Federal Government has significantly increased its defence and security budget to tackle various security challenges across the nation.

For the 2024 fiscal year, approximately ₦3.3 trillion has been allocated to the defence sector.

Despite some successes, recent events indicate that Boko Haram and other armed groups continue to pose a threat in the Northeast and other regions of the country.