FEC Approves $618 Million Loan for M-346 Attack Jets for Nigerian Air Force
The Federal Executive Council (FEC) has approved a loan of approximately $618 million from a consortium of financiers for the Nigerian Air Force to acquire six Italian-made M-346 attack jets and ammunition. This was announced by the Minister of Information and National Orientation, Mohammed Idris.
Delivery Schedule
The Nigerian Air Force has indicated that the first three jets are anticipated to arrive by early 2025, with subsequent deliveries continuing through mid-2026.
Background
In a recent announcement, Nigeria’s Air Force revealed plans to procure a total of 24 M-346 attack jets and ten AW-109 Trekker helicopters as part of a fleet renewal strategy. Air Force spokesperson Olusola Akinboyewa confirmed that a delegation, led by Chief of the Air Staff Air Marshal Hasan Abubakar, met with executives from Leonardo S.p.A., the manufacturer, in Rome. Initial discussions between Nigeria and Leonardo commenced in early 2024, with Vice President Claudio Sabatino meeting with Nigeria’s air force chief in Abuja.
Insecurity Challenges
The Nigerian government has ramped up defense spending to address various security threats nationwide, allocating N3.3 trillion to the defense sector for the 2024 fiscal year. The ongoing Boko Haram insurgency in the Northeast, banditry in the Northwest, and challenges related to kidnapping and secessionist movements in the South have exacerbated the need for enhanced military capability.
Economic Impact of Insecurity
The pervasive insecurity has severely affected Nigeria’s economy, particularly in the oil and agricultural sectors. According to the World Bank’s recent food security report, seven northern states are projected to face significant food security challenges due to rising food inflation and insecurity in key agricultural regions. The Boko Haram insurgency has devastated food production in the Northeast, contributing to food inflation exceeding 40% as of June 2024. Additionally, Nigeria’s crude oil production has consistently fallen below the OPEC-designated quota, averaging 1.35 million barrels per day in September.The Federal Executive Council (FEC) has approved a loan of approximately $618 million from a consortium of financiers for the Nigerian Air Force to acquire six Italian-made M-346 attack jets and ammunition. This was announced by the Minister of Information and National Orientation, Mohammed Idris.
Delivery Schedule
The Nigerian Air Force has indicated that the first three jets are anticipated to arrive by early 2025, with subsequent deliveries continuing through mid-2026.
Background
In a recent announcement, Nigeria’s Air Force revealed plans to procure a total of 24 M-346 attack jets and ten AW-109 Trekker helicopters as part of a fleet renewal strategy. Air Force spokesperson Olusola Akinboyewa confirmed that a delegation, led by Chief of the Air Staff Air Marshal Hasan Abubakar, met with executives from Leonardo S.p.A., the manufacturer, in Rome. Initial discussions between Nigeria and Leonardo commenced in early 2024, with Vice President Claudio Sabatino meeting with Nigeria’s air force chief in Abuja.
Insecurity Challenges
The Nigerian government has ramped up defense spending to address various security threats nationwide, allocating N3.3 trillion to the defense sector for the 2024 fiscal year. The ongoing Boko Haram insurgency in the Northeast, banditry in the Northwest, and challenges related to kidnapping and secessionist movements in the South have exacerbated the need for enhanced military capability.
Economic Impact of Insecurity
The pervasive insecurity has severely affected Nigeria’s economy, particularly in the oil and agricultural sectors. According to the World Bank’s recent food security report, seven northern states are projected to face significant food security challenges due to rising food inflation and insecurity in key agricultural regions. The Boko Haram insurgency has devastated food production in the Northeast, contributing to food inflation exceeding 40% as of June 2024. Additionally, Nigeria’s crude oil production has consistently fallen below the OPEC-designated quota, averaging 1.35 million barrels per day in September.
