FG to realise N20billion from sale of presidential jets

The federal government is set to realise N20 billion from the sale of two of its jets

– Two out of the 10 airplanes in the presidential fleet have been put up for sale

– The estimate is based on their current market value

A report by The Guardian indicates that the federal government of Nigeria will realise N20 billion from the sale of two presidential jets.

Sources quoted in the report says the estimate is based on the current market value of the jets – Falcon 7X and Hawker 4000. Aviation experts also corroborated the valuation of the aircraft.

The presidential jets were put up for sale last week in an advertorial that appeared in selected newspapers in Nigeria.

The report noted that bidders have been pouring in both from home and abroad to check the Falcon 7X which is currently at the Nnamdi Azikiwe International Airport, Abuja, while the Hawker 4000 aircraft is in Zurich, Switzerland.

The report further stated that  the authorities were looking for a very good bid in the neighbourhood of $50million for the two planes.

At the current market rate in the international market, a new Falcon 7X costs $53million and the Hawker 4000 costs $22.9million.

The federal government bought the Falcon 7X in 2011 at the cost $50 million.

The estimated value of all the 10 aircraft in the fleet of the presidency is put at over $450 million, with about N8 billion spent on maintenance and fuel yearly.

The chief pilot of the presidential fleet, Captain Dung Rwang Pam told The Guardian that the aircraft’s types were for the very rich, hence should also be expensive selling them.

He said in other climes, the bid would have been for between 60 and 70 per cent of the initial cost, given the short mileage they have covered since they were bought by the government.

He however expressed concern that the system may short-change the government in the bidding process.

The Nigerian media yesterday, October 10, widely reported the handover of two aircraft from the presidential fleet to the Nigerian Air Force.

The two helicopters were acquired by the federal government on October 20, 2014 and May 21, 2015 respectively, according to Presidency Office of Digital Engagement (PODE).