Presidency Insists New Jet Will Save Millions Despite ‘₦403 Billion’ Price Tag
In response to mounting criticism, the Nigerian Presidency has defended the recent acquisition of a new presidential jet, an Airbus A330, stating that the purchase will ultimately save the nation millions of dollars in maintenance and operational costs.
The administration of President Bola Tinubu purchased a new jet for the Presidency following reports that the old jet, bought 19 years ago during the administration of former President Olusegun Obasanjo, had developed faults.
While the discussion continues regarding whether the president needs a new jet, particularly amid the economic challenges many Nigerians are facing, Presidential spokesperson Bayo Onanuga, without disclosing further details, including the cost of the aircraft, stated:
“The new plane, bought far below the market price, saves Nigeria huge maintenance and fuel costs, running into millions of dollars yearly.”
He also noted that the decision to replace the ageing aircraft followed recommendations from an investigative hearing by Nigeria’s parliament, which highlighted the B737-700’s inefficiency and frequent malfunctions, including an incident during a trip to Saudi Arabia.
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Despite the Presidency’s assurances, many Nigerians have voiced their disapproval of the purchase, arguing that the timing is insensitive given the current economic climate.
Critics have pointed out that the decision to invest in a new presidential jet comes at a time when many citizens are struggling to cope with rising inflation and the impact of austerity measures imposed by the government.
How Much Did the Presidency’s Airbus A330 Cost?
The Presidency has remained tight-lipped about the exact cost of the Airbus A330, with Onanuga only stating that it was acquired at a significantly lower price than the market value.
However, Neusroom research shows that the current price of the aircraft is around $256.4 million, which is equivalent to ₦403.6 billion, using the current exchange rate of ₦1572 per dollar. This amount is nearly four times the ₦102.10 billion allocated to the Federal Ministry of Agriculture and Rural Development, including its 46 departments, agencies, and parastatals.
This comes amidst 31 million Nigerians facing acute hunger, caused by insufficient food production, a condition linked to the growing insecurity in Nigeria where farmers have abandoned their farms due to insurgency.
Additionally, this amount is nearly 50 times the amount allocated to electricity. Data shows that only ₦8.24 billion was allocated to the electricity sector in a country where 85 million people are not connected to the national grid, and those connected are faced with repeated collapses of the country’s grid.
As Nigerians continue to debate whether the old plane could have been better managed, given that the US Air Force One is over 33 years old, Onanuga praised the features of the new aircraft.
“The new plane is spacious and is furnished with state-of-the-art avionics, customized interiors, and a communications system,” he said.
