The Federal Executive Council (FEC) has approved a loan of approximately $618 million from a consortium of financiers to procure six fighter aircraft and ammunition for the Nigerian Air Force.
This decision was announced by the Minister of Information and National Orientation, Mohammed Idris, during a press briefing in Abuja on Wednesday, following a meeting led by President Bola Tinubu.
In addition to the defence procurement, the FEC allocated N740 billion for the Berger section of the Abuja-Kano highway, among other significant road projects.
Idris, who represented the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, detailed several key approvals made during the meeting.
Among these approvals were contracts worth approximately N44.2 billion for the Nigerian Customs Service and agreements aimed at eliminating double taxation with Hong Kong and Botswana.
Idris emphasized that these measures are intended to prevent tax evasion and enhance economic cooperation.
Earlier this month, the Nigerian Air Force announced plans to acquire 24 M-346 combat jets and 10 AW109 Trekker helicopters as part of its fleet renewal strategy. The first three M-346 jets are expected to arrive by early 2025, with subsequent deliveries scheduled through mid-2026.
Additionally, the FEC approved the establishment of a Creative Economy Development Fund. Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, explained that this fund will provide access to financing for members of the creative sector.
