The Presidency has made a proposal for an upfront deposit of N1.5billion for a brand new private jet, which will become the Presidential Air Fleet’s (PAF) 11th aircraft. This figure is contained in the details of the 2014 Appropriation Bill presented to the National Assembly by President Goodluck Jonathan through the Minister of Finance, Dr. Ngozi Okonjo-Iweala. The Federal Government has budgeted another N1.52b for the maintenance of the 10 aircraft currently in the PAF in 2014.
The presidential air fleet are as follows:
Two Falcon 7X jets
Two Falcon 900 jets,
Boeing 737 BBJ (Nigerian Air Force 001 or Eagle One),
Cessna Citation 2 aircraft
Hawker Siddley 125-800 jet.
The combined estimated value of the PAF is about $390.5m (N60.53bn). According to industry experts, it costs a minimum of 20 per cent of that figure to maintain them annually. So we’re looking at about $58.57m (N9.08bn) yearly for maintenance.