The Federal Executive Council (FEC) has approved credit facilities for the Nigerian Air Force, including €443 million and $141 million for the procurement of fighter aircraft and ammunition.
This was disclosed during a briefing with State House correspondents on Wednesday by the Minister of Information and National Orientation, Mohammed Idris.
Idris explained that the approval was requested by the Federal Ministry of Finance, who he is representing as the Minister is on official duty in the United States.
According to Idris, the agreements reached at the FEC meeting are:
“The first one is that there have been approvals for some contracts, about seven of them for the Nigerian Customs Service.
“The next one is an approval for an agreement for the elimination of double taxation concerning taxes on income and the prevention of tax evasion and avoidance between the Federal Republic of Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China.
“The third one is an approval to obtain a credit facility for €443,330,781.49 and another $141 million from a group of financiers for the procurement of six units of M346 fighter aircraft and ammunition for the Nigerian Air Force.”
The purpose of the credit facility is to enhance the capabilities of the Nigerian Air Force.
