FEC approves $618m loan for fighter jets, N44bn for customs to buy vehicles

The Federal Executive Council (FEC) has approved a loan of approximately $618 million from a consortium of financiers for the acquisition of six Italian-made M-346 attack jets and ammunition for the Nigerian Air Force.  This Minister of Information and National Orientation, Mohammed Idris, disclosed this Wednesday while briefing reporters after the council’s meeting at the […]

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

This Minister of Information and National Orientation, Mohammed Idris, disclosed this Wednesday while briefing reporters after the council’s meeting at the Presidential Villa, Abuja.  

The Air Force had said that the first three jets are anticipated to arrive by early 2025, with subsequent deliveries expected to continue through mid-2026. 

In recent years, the Federal Government has significantly increased defence and security spending to combat various security threats across the nation, allocating about N3.3 trillion to the defence sector for the 2024 fiscal year. 

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Despite some successes, challenges remain as Boko Haram and other armed groups continue to operate in the Northeast and other regions.

FEC also approved contracts of N44.2 billion for the Nigeria Customs Service (NCS) to procure vehicles and construct residential accommodations.

The council also endorsed the procurement of one million science textbooks for distribution to the 774 local government areas, 104 unity schools, and 122 special schools across the country. 

The construction of digital libraries by the Petroleum Technology Development Fund (PTDF) in 1,000 schools was also approved.

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources said the textbooks will be funded through the PTDF’s Science, Technology, Engineering, and Mathematics (STEM) initiative.