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 att@ck jets and ammunition for the Nigerian Air Force.
The Minister of Information and National Orientation, Mohammed Idris, disclosed this Wednesday, October 23, 2024, 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.
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.
