FG Approves $618m loan For Fighter Jets From Italy
The Federal Executive Council (FEC) has approved a loan of approximately $618 million from a consortium of financiers to acquire six Italian-made M-346 attack jets and ammunition for the Nigerian Air Force.
Minister of Information and National Orientation, Mohammed Idris, announced this on Wednesday.
The Air Force previously stated that the first three jets are expected to arrive by early 2025, while the remaining deliveries will run through mid-2026.
Last week, Nigeria’s Air Force announced the acquisition of 24 Italian-made M-346 attack jets and ten AW-109 Trekker helicopters as part of its fleet renewal strategy.
Air Force spokesperson, Olusola Akinboyewa, had stated that a delegation, led by Chief of the Air Staff, Air Marshal Hasan Abubakar, met in Rome with executives from Leonardo S.P.A. the manufacturer.
The company confirmed that the first three M-346 jets are expected to arrive by early 2025, with the remaining deliveries continuing through mid-2026.
The development is expected to provide more firepower and aerial advantage for troops in the ongoing fight against insurgents in the country.
Nigeria first initiated talks with the Italian firm in early 2024 when Claudio Sabatino, Vice President of Leonardo, met with Nigeria’s air force chief, Hasan Abubakar, in Abuja.
The Federal Government has significantly increased spending on defence and security in recent years to address various security threats nationwide.
About N3.3 trillion was allocated to the defence sector for the 2024 fiscal year.
Though there have been successes, recent developments have shown that Boko Haram and other armed groups persist in the Northeast and other parts of the country.
