Why FG spends N5bn on presidential fleet in 15 months

– FG has spent N5billion on the 10-aircraft Presidential Air Fleet since May 2015

– The sum of N2.3billion was spent between May to November 2015

– The presidency says N1.350billion was spent to settle outstanding liabilities carried over from 2014

The federal government has spent the sum of N5billion on the 10-aircraft Presidential Air Fleet (PAF) since the inception of its administration in May 2015 till date, according to a document obtained by The Punch.

The breakdown of the sum showed that N2.3billion was released for PAF by the Office of the Accountant-General of the Federation between May and November 2015.

The federal government has spent the sum of N5billion on the 10-aircraft Presidential Fleet since it took over in May 2015 till this moment

According to the document, the N2.3billion included releases for personnel costs, overheads and capital expenditures, out of the N5.19billion appropriated for PAF in the 2015 budget.

Of the N2.3billion, the presidency said N99.715million was spent on aircraft maintenance, spares and subscription services, while the sum of N98.5million was also spent on operations.

The sum of N165.373million was spent on training, while N85.5million was spent on personnel medicals and overheads.

The document also shows that the presidency spent N1.350billion to settle outstanding liabilities carried over from 2014, while N500million was refunded to the NSA for financial support rendered for the maintenance of the Fleet prior to release of funds.

But according to findings from aviation experts, the federal government may have spent about N19.9billion on the 10-aircraft PAF in the last 15 months of President Muhammadu Buhari’s administration, as against the documented N5billion.

The experts’ estimated projections of expenses is made in line with the cost of running and maintaining airplanes, which they believe is about $65.13million (N19.9billion), using the official exchange rate of N305.5 per dollar.

Hence, they believe that 10-aircraft Presidential Air Fleet may have cost over N19billion between May 29, 2015 and August 29, 2016.

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Omotimehin Nelson is a chief editor of mystatenews.com. He is a chairman of nestec group who powered the news media mystatenews.com. He studied computer science in Yaba college of Technology. He is a passionate blogger, an SEO expert.