Nigeria’s Cabinet Approves Borrowing ₦1 Trillion for Italian-made Fighter Jets and Ammunition

Nigeria’s Federal Executive Council has approved a ₦1.02 trillion ($618 million) loan to purchase six Italian-made M-346 attack jets and ammunition for the air force. This was made known on Wednesday by Information Minister Mohammed Idris. The acquisition also includes 10 AW109 Trekker helicopters.

The first three jets are expected to arrive by early 2025, with the rest delivered by mid-2026. Earlier this month, the air force announced plans to acquire 24 M-346 combat jets and other military hardware. The security challenges across the country was cited as the reason for this plan.

From January to July 2024, the government allocated ₦105.3 billion ($63.6 million) for military equipment and ammunition purchases. The Defence Minister also noted the armed forces need 200 million rounds of ammunition annually, costing about ₦3.3 trillion ($2 per round).

Despite increasing spending on military equipment, Nigeria continues to struggle with insurgency, banditry, and kidnapping, which have worsened under the current administration. According to a recent report published by SBM Intelligence, kidnappers in Nigeria abducted over 7,500 people across the country between July 2023 and June 2024. Persistent Boko Haram insurgency, banditry and terrorism also continue to plague citizens.

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