Report Says Foreign Creditors May Seize Nigeria's Presidential Jets Over Accumulated Debts

Report Says Foreign Creditors May Seize Nigeria's Presidential Jets Over Accumulated Debts

  • There are indications that aircraft in the Presidential Air Fleet may be seized by some foreign creditors
  • However, due to inadequate funding, it was gathered that some installations on the aircraft had again been postponed to 2023
  • President Muhammadu Buhari had since 2016 allocated N81.80billion for the aircraft maintenance and foreign trips

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FCT, Abuja - A report by Punch newspaper indicates that aircraft in the Presidential Air Fleet (PAF) are at the risk of being impounded by foreign creditors.

According to the report, the PAF was indebted to several service providers for various upgrades carried out on the 10 aircraft in the fleet to meet the required airworthiness.

Buhari
President Buhari had since 2016 allocated N81.80billion for the aircraft maintenance and foreign trips. Photo credit: @NigeriaGov
Source: Facebook

The PAF provides secure airlift to the president, the vice president, their immediate families and other top government officials.

However, due to inadequate funding, it was gathered that some installations on the aircraft had again been postponed to 2023.

The PAF Commander, Air Vice Marshal Abubakar Abdullahi, who stated these in his budget defence presentation at the National Assembly, also complained that only N1.5billion was allocated for the maintenance of the aircraft out of the proposed N4.5billion.

President Muhammadu Buhari had since 2016 allocated N81.80billion for the PAF maintenance and foreign trips.

The presidency has maintained 10 aircraft since the inception of the Buhari regime in May 2015.

They are Boeing Business Jet (Boeing 737-800 or NAF 001), one Gulfstream G550, one Gulfstream V (Gulfstream 500), two Falcons 7X, one Hawker Siddeley 4000, two AgustaWestland AW139 helicopters and two AgustaWestland AW101 helicopters.

Though Buhari promised to reduce the size of the fleet as part of his pledge to cut the cost of governance, checks revealed that his regime had failed to live up to this promise.

Based on the fleet’s experience, Abdullahi explained that the cost of maintaining each aircraft was between $1.5million and $4.5million, depending on the level of maintenance due.

Additionally, the commander revealed that 2023, being an election year, would translate to more missions and spares’ requests for the aircraft due to increased usage.

He also told the lawmakers that the N250million approved for aviation fuel out of the requested N4billion was grossly inadequate; reminding them that aviation fuel, which sold at an average cost of N390 per litre in January, was now being dispensed at N915 per litre.

The fleet commander argued that the N8.072billion allocated for the fleet in the 2023 budget out of the proposed N15.5bn was inadequate to cater for the needs of the fleet.

He, therefore, pleaded for an upward review of the budget.

N170 a litre petrol price in Nigeria no longer sustainable, says NNPC boss

Mele Kyari, group chief executive officer of Nigeria National Petroleum Company (NNPC) Limited has declared that the petrol pump price of N170 per litre in Nigeria is no longer sustainable.

Kyari said this on Wednesday, November 9 while delivering a keynote address at the legislative transparency and accountability summit organised by the House of Representatives committee on anti-corruption.

He said market conditions have pushed the cost of landing petroleum products to about three times the value of the current pump price.

Oil reforms: Mele Kyari raises alarm over death threats

Legit.ng had earlier reported that Kyari raised an alarm over a series of death threats he has been getting since he embarked on oil reforms.

He said the threats have come about as a result of the series of reforms that have been implemented in the oil and gas sector, but he remains undeterred by them.

He noted that such threats are part of the sacrifices he has to make to ensure the needed change is implemented for the sector to experience progress and flourish.

Source: Legit.ng

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