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President Bola Tinubu has reportedly spent about N20.03bn on the maintenance and operations of the presidential fleet from mid-2023 to 2024
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As stated in the report, 71 percent of the expenditure for the fleet during the 2024 financial year was allocated towards acquiring the new presidential aircraft.
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It is reported that most of the funds were used for purchasing the new presidential aircrafts, garnering significant attention in 2024.
FCT, Abuja –
It has come to light that President Bola Tinubu expended at least ₦20.03 billion on the operation and upkeep of the presidential fleet from July 2023 through December 2024, which spans roughly 18 months.
The Punch
In a report, a civic technology organization that monitors and analyzes federal government expenditures, GovSpend, revealed that 71 percent of the funds allocated for the fleet in the 2024 fiscal year were used up by the recently purchased presidential aircraft, totaling ₦14.15 billion.
How the Tinubu administration handles presidential aircraft
As stated in the report, the majority of the funds disbursed were labeled as ‘Forex Transit Funds.’ These funds typically catered to foreign exchange needs arising from international interactions and dealings.
These resources were utilized for the activities of the presidential air fleet overseas, encompassing acquisitions, upkeep, and servicing, frequently conducted in international currency.
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 allegedly expended ₦1.52 billion in July 2023, disbursed in two installments of ₦846 million and ₦675 million. These funds were allocated for ‘Presidential air fleet foreign exchange transfer costs.’
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 initial disbursement for 2024 occurred in March. The amount released twice amounted to N1.27 billion each time, totaling N2.54 billion. Subsequently, in April, May, and July, the transit account received funds of N6.35 billion, N4.97 billion, and N210 million, respectively.
A total of N5.60 billion was disbursed across six payments in August, marking the most frequent releases for that year. Additionally, from September 11 to 19, N168 million was transferred, followed by another series of transfers totaling N469.72 million through eight installments between December 7 and 24. Each of these transactions ended up in the Naira transit account associated with the presidential air fleet.
The document also noted that the transit fund accumulated a sum of N5.08 billion in April. This period coincided with President Tinubu’s visit to two countries: the Netherlands and Saudi Arabia.
PDP Senator Discusses Presidential Aircraft
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Earlier reports indicated that Abia South Senator Enyinnaya Abaribe stated that the presidency did not seek approval from the National Assembly for the acquisition of the new presidential aircraft.
The administration led by President Bola Tinubu declared the acquisition of a new Airbus A330 back in August 2024.
Senator Abaribe, addressing the acquisition, mentioned he had consistently served in the National Assembly but had never encountered any documentation pertaining to the new presidential aircraft.
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