Despite the biting economic recession in the country, the Federal Government has spent the sum of N5bn on the 10- aicraft Presidential Air Fleet in the last 15 months, document obtained exclusively from the Presidency by Saturday punch has revealed.

According to the document, the Presidency put the amount of money so far released for the Presidential Air Fleet since the inception of the current administration in May 2015 till date in the region of N5bn. The breakdown of the sum showed that N2.3bn was released for PAF by the Office of the Accountant-General of the Federation between May and November 2015. That figure included releases for personnel costs, overheads and capital expenditures; out of the N5.19bn appropriated for PAF in the 2015 budget. Of the sum, the Presidency said N99.715m was spent on aircraft maintenance, spares and subscription services.

The sum of N98.5m was also spent on operations; N165.373m on training and N85.5m on personnel medicals and overheads. During the period, the document claimed that PAF spent N1.350bn to settle outstanding liabilities carried over from 2014 while N500m was refunded to the NSA for financial support rendered for the maintenance of the Fleet prior to release of funds.

According to findings from aviation experts, however, the Federal Government may have spent about N19.9bn on the 10-aircraft PAF in the last 15 months of President Muhammadu Buhari’s administration.

The large-size PAF inherited from the former President Goodluck Jonathan’s administration is the second largest airline in the country, coming after Arik Air which has 23 aircraft in its fleet.

According to experts’ estimated projections of expenses made in line with the cost of running and maintaining airplanes, about $65.13m (N19.9bn), using the official exchange rate of N305.5 per dollar, may have been spent on the 10-aicraft presidential fleet between May 29, 2015 and August 29, 2016.

According to the Presidency, the PAF contains 10 aircraft. These are:
Boeing Business Jet (Boeing 737-800 or AirForce One), one Gulfstream 550, one Gulfstream V (Gulfstream 500), two Falcons 7X, one Hawker Sidley 4000, two AgustaWestland AW 139 helicopters and two AgustaWestland AW 101 helicopters. Each of the two Falcon 7X jets were purchased in 2010 by the Federal Government for $51.1m, while the Gulfstream 550 costs $53.3m, a former Minister of Information, the late Pro. Dora Akunyili, had said.

The price of other aircraft in the fleets could not be ascertained. But according to Wikipedia, price.wescrawler. com and airline executives, the factory price of other aircraft in the fleet are: Boeing Business Jet, $59m; HS 4000, $22.9m; AgustaWestland 139, $12m; and AgusatWestland 101, $21m. This brings a combined estimated value of Nigeria’s PAF to $347.4m (N106.13bn).

According to airline chief executives and industry experts, airlines spend between 15 and 20 per cent of the cost of an aircraft on its operation yearly. They explained that averagely, a little less than one-fifth of the cost of the plane is spent every year on insurance, flight and cabin crew, maintenance, fuelling, catering and training.

Using a conservative percentage of 15 per cent, it means that about $52.11m (N15.92bn) must have been spent on the presidential fleet by May 29, 2016. A quarter of the annual maintenance cost ($52.11 or N15.92bn) would also have been spent to maintain the 10- aircraft in the presidential fleet in three months after May 29, if the Federal Government followed experts’ recommendation on maintenance of its air fleet.

This means that between June and August this year, an additional $13.02m (N3.98bn) would have been spent in principle to maintain the 10- aicraft presidential fleet. It means, all things being equal, between May 29, 2015 and August 29, 2016 (15 months), the Presidency would have spent $65.13m (N19.9bn) to maintain the 10-aicraft presidential fleet.

http://punchng.com/fg-spends-n5bn-presidential-fleet-15-months/

I love this change
May all the people who voted for this government witness the wayo change 100 fold

At what point would we take the bull by the horn and demand this dullard's resignation/impeachment??


This handshake has gone past the elbow o!

Kaiiiiii chanji

According to findings from aviation
experts, however, the Federal
Government may have spent about
N19.9bn on the 10-aircraft PAF in the
last 15 months of President
Muhammadu Buhari’s administration.

JonSnow:
At what point would we take the bull by the horn and demand this dullard's resignation/impeachment??


This handshake has gone past the elbow o!

Lmao...

^ Buhari is a wasteful spender.

ajbabs:
^ Buhari is a wasteful spender.

Yaaay!

I salute the Ajala nigeria got as her president.

lalasti....... Abeg how dem dey write am .

Buhari has broken another record.

A round of applause for him please.

Na wetin una vote for na... It's okay...

Just remaining 3yrs,5months,2weeks,12,000hours remaining for his reign to end...


I don't care if my calculations are correct... I just wanna calculate something.

And to think that Gej bought 4 outta 10! PMB owe us a duty of selling off a large part of it if we can't get a national carrier.In any case, this govt seems fairly prudent considering an average of 300 million for a 10-12 fleet with hike in FX.
the truth has spoken!

And you are telling me this recession will end soon...I'm yet to blive that...I don't blame him anyways,those jets are his offices and he needs to invest largely on them. #changebeginswiththeirfather# not me at all.. D thurda that will fire this people is charging up in planet Venus....

Propaganda everywhere, anywhere, anytime. . . . . I wont be suprise if the Presidency spokesman on media come out with the right figures in some hours. This news is just for the wailers to 'cum' on!!

Govt of lies garnished with deception established on falsehood

TheDEVlLHimseIf:
passingshot oooooo come and see the dullard himself

@ topic
change begins with the kunu drinker from Daura without brain called Buhari


cc
Omenka demdem passingshot midolian ngeneukwenu dropshot modath


but where's my gee omenka

Your level of frustration is even pitiable and appalling.
You've been given enough undeserved attention already, boy.

k

I have never seen a government as corrupt as this government. Even Sani Abacha's government was never this corrupt.

saint7000:
I have never seen a government as corrupt as this government. Even Sani Abacha's government was never this corrupt.

Haba

The most painful part is the hypocritical attitude.

Been a hypocrite, doing even worst than what you are complaining about hurts me soooo much.

Next time when someone promises something, ask and question how he intends to achieve it.


And let's stop putting old people into offices. They are the ones that have destroyed this country.

[s]

TheDEVlLHimseIf:

shatap there!! chaii i know looking for good news (even if it's fake) is soo hard nowadays so i don't blame you for keeping vigil searching for good news from the useless president ever, frustrating isn't it?
i understand the disappointment the dullard (bullharry) is giving you and your folks and i understand the frustration of keeping a long vigil searching for good news but can't find one. don't worry next time try to understand that nothing good will ever come from the pedophile monkey called bullharry the failure himself.
my condolences
oops talking about frustration i guess you're referring to yourself that keeps searching for non existing good news from the dullard himself all over the internet like

[/s]

President Jonathan is the best President Nigeria ever had.
Buhari can never be good, can never do good and will never amount to any good.
The clueless man has never been a leader but a dictator. Check his record from the 80's till date..

The change begins with who?

Clap for Bubu

Uncle Seun please I need the clap icon to clap for my dear president.

Weldone Mr. President for all your spending.

Keep spending sir.

We really appreciate.

They are coming