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Opposition kicks as FG plans N55bn for presidential fleet maintenance

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The Peoples Democratic Party and the Labour Congress have kicked against the N55bn allocated in the 2025 budget for the maintenance of the presidential fleet.

This is contained in the 2025 Appropriation Bill sent to the National Assembly for approval.

If approved by the lawmakers, over N55.5bn will be spent on total overhauling of three aircraft engines in the presidential fleet, including fuelling, fumigation, air navigation, cleaning, and other maintenance of the presidential fleet.

The entire aviation ministry’s 2025 budget stands at N105,953,496,365, The PUNCH understands.

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The budget, which was scrutinised by our correspondent, showed that the Ministry of Aviation and Aerospace Development has N71,123,368,069; the Nigerian Meteorological Agency gets N9,819,554,829, while N7,975,364,319 goes to the Nigerian College of Aviation Technology, Zaria.

Others are the Nigerian Safety Investigation Bureau, with N10,035,209,148, and the Nigerian Airspace Management Agency, which was allocated N7,000,000,000.

Meanwhile, at least N19.43bn was spent on the maintenance and operations of the Presidential Air Fleet from July 2023 to September 2024, The PUNCH gathered.

Checks by our correspondent on GovSpend, a civic tech platform that tracks and analyses the Federal Government’s spending, showed that the payouts amounted to N13.55bn in 2024, representing 66 per cent of the allocations for the fleet in the fiscal year.

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The yet-to-be-passed budget showed that N8,646,336,653 bn was earmarked for the repair of air navigational equipment, while N5,514,000,000 was set aside for an engine overhaul of one of the aircraft in the presidential fleet with the registration number 5N-FGW.

The document further stated that two other engines will be overhauled with the sum of N3,132,336.65.

The government also planned to spend N8,646,336,653 on air navigational equipment, with N1,550,000,000 proposed for aircraft fuel cost in 2025 and another N1,255,700,000 for aircraft maintenance in the presidential fleet, among others.

Besides, the sum of N149,000,000 was appropriated for security operations (overhead) and an additional N7,500,000 for cleaning and fumigation services for the presidential fleet.

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The sum of N311,145,300 was set aside for insurance premiums for aircraft.

However, The PUNCH understood that this huge sum may be handled by foreign insurance companies such as the United States and the United Kingdom, since local insurance companies don’t have the capacity to insure aircraft, particularly airbuses.

Meanwhile, local insurance companies only occasionally serve as “middlemen” between the presidency and their foreign counterparts.

Oppositions, Nigerians react

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When approached by our correspondent, South-West chairman of the Peoples Democratic Party, Kamorudeen Ajisafe, asked if the presidency was planning on procuring another aircraft.

He, however, promised to get back but never did till press time.

Also venting his anger on the development, factional National Publicity Secretary of the Labour Party, Abayomi Arabambi, described the development as an inhuman and satanic act, adding that spending such an amount of money on the presidential fleet was a misplaced priority. He reasoned that with millions of Nigerians struggling to make ends meet, it’s an appalling and “wholesome insult to the Nigerian masses that the government would choose to spend such a large sum on luxury aircraft.

He said, “The presidential air fleet already has some aircraft, including a recently purchased Airbus A330, which cost over $100m.

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“The government’s spending habit is a clear indication of its lack of commitment to reducing poverty and inequality.

Debo Adeniran, the executive chairman of the Centre for Anti-Corruption and Open Leadership, noted, “What we are getting from this administration is opposite to our expectations… an administration that has fallen in love with profligacy.

“It’s time the government rethink its priorities and start putting the needs of its citizens first. The proposed expenditure on presidential jets is a national shame, and it’s time for Nigerians to demand better from their leaders. As you noted, it’s surprising that the same people who are complaining about the government’s wasteful spending will likely vote for the same politicians in the next election. It’s a vicious cycle that needs to be broken.”

An engineer, Olakunle Aina, said he was disappointed to hear that such figures are voted for travel, stating that the funds are huge for fancy sake.

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“I am not an aeronautic engineer, but I know that the money wouldn’t have been that huge if our leaders were ready to manage, only if they were in tune with the level of hardship in the land, but no! They are not suffering; what to eat is not their problem, and that is why the next thing for them is affluence. For me, spending such huge money on the presidential fleet is the height of insensitivity.

“It can be cheaper while the balance can be better channelled; our leaders must think, and the time for that is now.”

A trader, Mrs. Aina, said she couldn’t relate to what the huge amount meant to get Nigeria better and subtly added that her biggest saving was N150,000.

“The biggest I ever had is N150,000, and I contributed that for a whole year just to get a koiki. So, when you say some leaders intend to spend N55bn on travelling in aeroplanes, that will bring trauma to me; I will be tempted to place curses on them.”

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Credit: PUNCH

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Sultan urges Muslims to look out for new moon of Zulki’ida

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The Sultanate Council in Sokoto has called on Muslims to begin searching for the new moon of Zulki’ida 1446AH on Sunday, April 27, 2025.

This marks the 29th day of Shawwal 1446AH, the traditional time for moon sighting.

According to a press release signed by Prof. Sambo Wali Junaidu, Chairman of the Council’s Advisory Committee on Religious Affairs, Muslims are urged to report any sighting of the new moon to the nearest District or Village Head.

The information will then be communicated to the Sultan of Sokoto and President General of the Nigeria Supreme Council for Islamic Affairs (NSCIA).

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The Council has prayed for divine support in fulfilling this religious responsibility, saying, “May Allah (SWT) help us in the discharge of this religious duty, amen.”

The sighting of the new moon is crucial in determining the start of a new Islamic month, and Muslims are expected to follow the traditional method of moon sighting to mark important dates in the Islamic calendar.

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Equities Investors Lose N202bn as Dangote Cement Undergoes Reversal

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Equities investors lost about N202 billion as Dangote Cement flipped, losing 10% of its market value on the Nigerian Exchange (NGX) trading platform on Friday.

The pause to bullish trend moderated year to date return while key market performance indicators dropped by 0.30% apiece, according to data from the local bourse.

Despite a largely positive market breadth, the downturn was triggered by sell-offs in heavyweight stocks such as Dangote Cement, the most capitalised company, and 13 others, stockbrokers said in separate report.

The All-Share Index reduced by 321.21 basis points to close at 105,753.05 as bears overran the exchange.  Market activities were up though, as the total volume and total value of trades conducted in the local exchange increased by 30.41% and 94.54%.

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In its note, Atlass Portfolios Limited told investors that approximately 428.08 million units valued at ₦20,174.97 million were transacted across 14,284 deals.

In terms of volume, GTCO led the activity chart, accounting for 14.40% of the total volume of all trades consummated, followed by FIDELITYBK (9.82%), ACCESSCORP (9.62%), MTNN (7.82%), and ZENITHBANK (5.44%), rounding out the top five.

MTNN emerged as the most traded stock in value terms, accounting for 40.98% of the total value of transactions on the exchange on Friday. IKEJAHOTE, INTBREW and LEGENDINT topped the advancers’ chart with a price appreciation of 10.00 percent each.

Other gainers include VITAFOAM (+9.93%), CADBURY (+9.92%), ETERNA (+9.92%), NASCON (+9.74%), ETI (+9.40%), and thirty-three others.

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On Friday, fourteen stocks depreciated, according to details obtained from the domestic bourse.  DANGCEM was the top loser, with a price depreciation of -10.00%.

Other decliners include REGALINS (-8.06%), VFDGROUP (-7.57%), CUSTODIAN (-4.97%), DANGSUGAR (-2.03%), and ACCESSCORP (-0.42%). Further review of trading activities showed that the market breadth closed positive, recording 41 gainers and 14 losers.

The sectoral performance was positive, as four of the five major market sectors surged, led by the consumer goods sector, which advanced by 2.21%.

The banking sector rose by 1.55%, and the insurance sector surged by 1.50%, while the oil & gas sector popped higher by 0.07%. The industrial sector recorded a loss of 4.73%. Overall, the equities market capitalisation dropped by ₦201.88 billion to close at ₦66.47 trillion.

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FCT minister, Wike announces new appointments

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, has approved the appointment of members of the Interim Management Board of the Ibrahim Badamasi Babangida (IBB) Golf Club in Abuja.

The latest development was contained in a statement issued on Saturday by Wike’s Senior Special Assistant on Public Communications and Social Media, Lere Olayinka.

According to the statement, while Peter Deshi was appointed as the chairperson of the Interim Management Board, Yomi Oyelola will serve as the secretary.

Other members of the Interim Management Board are: Otunba Gbengba Elegbeleye, Arc. Nanwor Mamven, Mrs. Ekanem Ekwueme, Arc. Arabi Bello, Lawan Aboki, Okey Nnaedozie, Fred Otobo and Julius Fadairo.

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The statement added, “By this appointment, members of IBB Golf Club Interim Management Board are to assume duty with immediate effect.

“The FCT Minister congratulates the appointees and urge them to work assiduously for the repositioning of the IBB Golf Club.”

In related news, there was palpable tension on Saturday in Yenagoa, Bayelsa state, after sounds of gunshots disrupted a mega rally by a political group reportedly loyal to the Minister of the Federal Capital Territory, Nyesom Wike.

Reports obtained by Naija News revealed that the rally is being organized by a group coordinated by a prominent member of the Peoples Democratic Party (PDP) in the state, George Turnah.

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The rally was ongoing when sounds of gunshots blazed across the area, raising concerns among residents.

Moments later, normalcy was restored in the area according to the Secretary of NEW Associates in Bayelsa, Comrade Ebilade Ekerefe, who interacted with journalists.

He noted that the rally would continue despite the disruption.

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