Tinubu’s Gov’t Approves $618 Million Loan to Purchase Fighter Jets, Ammunitions Abroad

The federal government has approved a $618 million loan to purchase six Italian-made M-346 attack jets and ammunition for the Nigerian Air Force.

The development was announced by the Minister of Information and National Orientation, Mohammed Idris, on Wednesday.

Recall that the Nigerian Air Force had recently announced its fleet renewal strategy, which includes the acquisition of 24 M-346 attack jets and 10 AW-109 Trekker helicopters. The Air Force expects the first three jets to arrive by early 2025, with the remaining deliveries continuing through mid-2026.

A high-level delegation, led by Chief of the Air Staff Air Marshal Hasan Abubakar, had earlier met with executives from Leonardo S.p.A., the manufacturer, in Rome to finalize the deal.

The company confirmed the delivery timeline, with the first three jets arriving by early 2025 and the rest by mid-2026.

The government is battling various security issues including Boko Haram insurgency in the Northeast and banditry in the Northwest.

The country’s defense spending has increased significantly in recent years to address these security challenges. For the 2024 fiscal year, the government allocated N3.3 trillion to the defense sector.