Revealed: Billions Spent by Tinubu on New Presidential Jet

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  President Bola Tinubu allegedly incurred approximately N20.03 billion in expenses for maintaining and operating the presidential fleet between mid-2023 and 2024.
  
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  The document states that 71 percent of the expenditure for the fleet during the 2024 fiscal year was allocated towards obtaining 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 media attention in 2024.
  

FCT, Abuja –

It has come to light that President Bola Tinubu expended a minimum of ₦20.03 billion on managing and maintaining the presidential fleet from July 2023 through December 2024, which covers roughly 18 months.

The Punch

In a report, a civic technology organization that monitors and analyzes federal government expenditures, known as GovSpend, revealed that 71 percent of the funds allocated for the fleet in the 2024 fiscal year were used for the recently purchased presidential aircraft, totaling N14.15 billion.

What strategies does the Tinubu administration employ regarding the use of presidential aircraft?

As stated in the report, the majority of the funds disbursed were labeled as ‘Forex Transit Funds.’ These funds typically covered allocations intended for managing foreign currency needs during cross-border activities and exchanges.

These resources were utilized for the functioning of the presidential aircraft overseas, encompassing procurement, upkeep, and various services, frequently conducted in international currencies.

As per information from a governmental source stated:

When our aircraft from the fleet are overseas, payments frequently occur in U.S. dollars or some other foreign currency to guarantee continuous operations without interruption.

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.’

Funds allocated for the presidential aircraft

The next month saw disbursements in three installments amounting to N388 million, N2 billion, and N713 million, totaling N3.1 billion for the identical item. In November 2023, another sum of N1.26 billion was allocated for the presidential air fleet.

The initial disbursement for 2024 occurred in March. Two releases amounted to N1.27 billion each, totaling N2.54 billion. Subsequently, in April, May, and July, the transit account received sums of N6.35 billion, N4.97 billion, and N210 million, respectively.

A sum totaling ₦5.60 billion was disbursed across six installments in August, marking the most frequent releases for that year. Additionally, from September 11 to 19, ₦168 million was transferred, followed by another series of transfers between December 7 and 24—eight payments amounting to ₦469.72 million altogether. Each of these amounts was deposited into the naira transit account associated with the presidential air fleet.

The document also noted that the transit account garnered a sum of N5.08 billion in April, coinciding with President Tinubu’s visit to two countries: the Netherlands and Saudi Arabia.

PDP Senator Discusses Presidential Aircraft

Farovint.ng

Earlier reports indicated that Abia South Senator Enyinnaya Abaribe stated the presidency did not consult the National Assembly regarding approval 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 that despite his long tenure at the National Assembly, he has not encountered any documentation pertaining to the new presidential aircraft.