The Federal Executive Council has approved a loan of about $618m form a group of financiers for the procurement of six fighter aircraft and ammunition for the Nigerian Air Force.
This was disclosed by the Minister of Information and National Orientation, Mohammed Idris, in Abuja on Wednesday following the conclusion of the FEC meeting presided by President Bola Tinubu, reports Voice of Nigeria.
Idris, who stood in for the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said, “From the Honorable Minister of Finance, who is away on official duty in the US. I’m going to let you know what those FEC approvals are.
“The first one is that there have been approvals for some contracts, about seven of them for the Nigerian custom service. The next one is that there’s an approval for an agreement for the elimination of double taxation with respect to taxes on income and prevention of tax evasion and avoidance between the Federal Republic of Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China.
“The third one is an approval to obtain a credit facility in a sum of 443,330,781.49 euros and another 141 million US dollars from a group of financiers for the procurement of six units of M346 fighter aircraft and ammunition for the Nigerian Air Force. And the last one from the Federal Ministry of Finance is the approval for signing of an agreement for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance between the Federal Republic of Nigeria and the Republic of Botswana.”
Earlier in October, the Air Force said it was acquiring 24 M-346 combat jets and 10 AW109 Trekker helicopters as part of a fleet renewal strategy. The first three M-346 jets are expected to be delivered by early 2025, with subsequent deliveries running until mid-2026.
At the press briefing, it was also revealed that the FEC had approved the establishment of the Creative Economy Fund to ensure the deepening of the sector.
Minister of Art, Culture, Tourism and Creative Economy, Hannatu Musawa, told State House Correspondents that the Council approved the establishment of the Creative Economy Fund.
