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Nigeria’s central bank to collect N13.5bn as charges on military equipment

Central Bank Of Nigeria CBN

The Central Bank of Nigeria (CBN) is expected to collect N13.5 billion as bank charges for the purchase of military equipment in the country.

President Muhammadu Buhari signed the 2021 supplementary budget of N983billion last month.

The budget is expected to address the country’s security and health needs.

The budget earmarked to the Nigerian Army N207.5 billion, the Nigerian Air Force (NAF) N239.4 billion while the Nigerian Navy will receive N157.7 billion.

The Nigerian Army will spend N96.5 billion on equipment while the CBN will charge N6.1 billion to complete the transaction.

The Nigerian Navy had also earmarked N34.6 billion for the purchase of new equipment.

To process this purchase, the apex bank will charge N2 billion.

The NAF equipment will cost N84.9 billion out of which CBN will make N5.3billion as bank charges.

The Federal Government’s military spending in the last 10 years had been questioned by Nigerians because of the worsening insecurity in the country.

Ripples Nigeria had earlier reported that Nigeria’s spending on the importation of arms and ammunition increased by 2,475 percent from N233.3 million to N57.9 billion in 2017.

The figures were contained in the 2020 fourth-quarter foreign trade report released by the National Bureau of Statistics (NBS).

According to NBS, Nigeria had spent N90.45 billion on the importation of arms for the military in the last four years.

The country spent N233.3 million and N19.46 billion on the importation of arms and ammunition in 2017 and 2018 respectively.

The amount dropped to N12.77 billion in 2019.

See figures below;