FEC approves €443.3m, $141m credit facilities for fighter jets, ammunition

By Kunle Sanni

The Federal Executive Council (FEC) has approved the acquisition of credit facilities to finance the procurement of fighter aircraft and ammunition for the Nigerian Air Force.

The decision was announced by Mohammed Idris, Minister of Information and National Orientation, during a press briefing on Wednesday following the FEC meeting, chaired by President Bola Tinubu at the State House, Abuja.

Idris, speaking on behalf of Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who was on official duty in the U.S., shared the key outcomes of the meeting.

He emphasized that the credit facilities will enhance the Nigerian Air Force’s operational capabilities in addressing security challenges across the country.

Idris disclosed that the Council approved a credit facility of €443.3 million and $141 million for the procurement of six M346 fighter aircraft and ammunition for the Nigerian Air Force. Additionally, contracts totaling approximately N44.2 billion were approved for the Nigeria Customs Service (NCS).

“The first approval is for several contracts, about seven of them, for the Nigeria Customs Service,” Idris said. “There’s also an approval for an agreement to eliminate double taxation with respect to taxes on income and to prevent tax evasion and avoidance between Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China.”

He further explained, “The third approval is for obtaining credit facilities amounting to €443,330,781.49 and $141 million from a group of financiers for the procurement of six units of M346 fighter aircraft and ammunition for the Nigerian Air Force.”

In addition, the Council approved the signing of an agreement for the elimination of double taxation on income and the prevention of tax evasion and avoidance between Nigeria and the Republic of Botswana.