The Federal Government of Nigeria spent a total of N20.9 billion on its Presidential Air Fleet (PAF) between 2014 and 2017, according to data compiled by BusinessDay.
BusinessDay analysis show that the amount expended on the Presidential fleet had consistently declined in the four year period, before spiking in 2017.
In 2014, N7.97 billion was spent which was 34.9 per cent higher when compared to N5.19 billion spent in 2015.
Then in 2016, N3.32 billion was also spent which is 31.6 per cent lower compared to N4.37 billion in 2017.
During his campaign in the last election, President Muhammadu Buhari assured he would would cut down on the number of aircraft on the fleet inherited from the former president in 2015, amid cost cutting measures needed after an almost 50 percent plunge in government revenues that was caused by a slump in oil prices and production.
In October 2016, the president made an attempt to reduce the PAF by advertising the sale of two aircraft – a Falcon X executive jet and Hawker 4000.
Despite calls for the reduction in the president fleet of jets, N7.26 billion has been proposed in the 2018 budget which is 66 per cent higher than N4.37 billion compared to the 2017 budget.
The PAF, considered the second largest airline in the country after Arik Air, has remained a controversial subject; following complains among Nigerians that the cost of maintenance of more than 10 aircraft in the fleet was too high, particularly at times like the current limited economic resources.
Ayodeji Ebo, Managing Director of Afrinvest Securities limited said we cannot raise alarm over the increased expenditure by the government over the presidential jets except we have an in-depth knowledge on how it is expended.
“Besides it’s a presidential jet and not a private one and it will not be proper to hear that the presidential jet crashed. Also, it could be a result of the exchange rate that affected such an increase in the expenditure,” Ebo said by phone.
In under one year, the naira has shed some 40 percent against the dollar, following a devaluation by the Central Bank in June 2016 after a 16-monmth old currency peg.
The naira exchange at N305 per dollar at the CBN window as of November 23, according to data available on the Abuja-based bank’s website.
