The Nigerian government has plans to purchase an Airbus A330 aircraft seized from an unnamed Arab prince and businessman who defaulted on hundreds of millions of dollars in debt to a German bank, according to Premium Times.
The identified aircraft is said to be a repossessed one recovered from a troubled oil sheikh who used the aeroplane as collateral for a loan he obtained from an unidentified German bank to buy it, Premium Times reported.
Sources told PT that the bank found it challenging to sell the repossessed aircraft due to its executive customisation.
The multi-engine prestige jet, featuring an elaborate VIP configuration, is valued at $600 million. However, the Nigerian government is offering "a little over $100 million."
Multiple presidential sources informed PT that the government is currently scrambling to secure the funds needed to purchase the aircraft.
Although three existing planes in the presidential fleet have been put up for sale, it is believed that the revenue generated from their sale may not be sufficient to cover the cost of acquiring the new replacement aircraft.
An official said some of the money to purchase the plane would come from the N180 billion contingency fund provided for a service-wide vote in the 2023 supplementary budget.
In April, President Bola Tinubu resorted to a commercial aircraft on his way to the World Economic Forum (WEF) in Riyadh after the aircraft he travelled with to The Netherlands developed a fault.
Similarly, Vice-President Shettima had to abort his trip to the US due to an engine fault on his aircraft.
Speculations suggest that the House of Representatives Committee on National Security and Intelligence has urged the Federal Government to acquire new airplanes promptly for Tinubu and Shettima, citing ongoing issues with their current aircraft.
However, this proposal has faced significant backlash from citizens. With skyrocketing inflation and declining purchasing power, many Nigerians criticize the idea of purchasing new planes amidst severe economic hardship.
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