How Tinubu Spent N20.03bn on Presidential Jet in 18 Months, Breakdown Emerges

• President Bola Tinubu has reportedly spent about N20.03bn on the maintenance and operations of the presidential fleet from mid-2023 to 2024
• According to the report, 71 per cent of the payout for the fleet in the 2024 fiscal year, when the new presidential jet was acquired
• The majority of the money was reportedly spent on the newly acquired presidential fleet, which made headlines in 2024

FCT, Abuja - It has been discovered that President Bola Tinubu has spent at least N20.03bn on the operations and maintenance of the presidential fleet between July 2023 and December 2024, an approximate of 18 months.

The Punch in a report cited a civic tech agency that tracks and analyses the spending of the federal government, GovSpend, disclosed that 71 per cent of the payout for the fleet in the 2024 fiscal year was consumed by the newly acquired presidential jet, which amounted to N14.15bn.

How Tinubu government manages presidential jets

According to the report, most of the money released was tagged ‘Forex Transit Funds.' This referred to money that was usually allocated for foreign exchange requirements during international engagements and transactions.

Such funds were used in the operations of the presidential air fleet abroad, which included the purchase, maintenance and services, which often take place in foreign currencies.

According to a government source said:

“When aircraft on the fleet are abroad, payments are often made in U.S. dollars or another foreign currency to ensure we have uninterrupted operations.”

The presidency reportedly spent N1.52 billion in July 2023, which was released in two tranches of N846 million and N675 million. The disbursement was for ‘Presidential air fleet forex transit funds.’

Money released for presidential jet

In the following month, three tranches of N388 million, N2 billion, and N713 million, a total of N3.1 billion for the same item. In November 2023, a total of N1.26 billion was disbursed for the presidential air fleet.

The first release for 2024 was done in March. On two occasions, N1.27 billion was released, with a total of N2.54 billion. In April, May and July, the transit account received N6.35 billion, N4.97 billion and N210 million, respectively.

In six separate disbursements, a total of N5.60 billion was released in August, which was the highest frequency in 2024. Also, between September 11 and 19, N168 million was released and between December 7 and 24, eight tranches of funds were released, with a total of N469.72 million. All the funds were paid into the Naira transit account of the presidential air fleet.

The report added that the transit account received a total of N5.08 billion in April, which was the same time President Tinubu was on a two-nation tour to the Netherlands and Saudi Arabia.

PDP senator speaks on presidential jet

Legit.ng earlier reported that Abia South Senator, Enyinnaya Abaribe, has disclosed that the presidency never approached the national assembly to approve the purchase of the new presidential jet.

President Bola Tinubu-led government had announced the purchase of a new Airbus A330 earlier in August 2024.

Senator Abaribe, who spoke on the purchase, said he had always been at the national assembly but had never come across any document in relation to the new presidential jet.

Source: Legit.ng