Nigerian military will need $6 billion in the next 3 years to revamp its hardware and train its personnel.
Director of Procurement, Nigeria Air Force (NAF), Air Vice-Marshal M. A Yakubu, Monday, noted that, in the short term, the military needed an annual budget of at least $2 billion to fight terrorism and other causes of insecurity in the country.
Yakubu said many manufacturers of military components demand for full payment before beginning production, adding that the cost includes training of personnel to man certain equipment, new kits and top notch training.
He spoke at a public hearing organised by House of Representatives Committee on Defence on Armed Forces Support Trust Fund Establishment Bill 2021, which seeks to explore alternative sources of funding for the armed forces in addition to the annual budgetary allocations.
Nigeria ranks very low on global defence spending and occupies the fourth position in Africa, below Algeria, Morocco and South Africa, despite its numerous security challenges.
In 2020, while Nigeria spent only $2.6 billion on its military, Algeria, Morocco and South Africa expended $9.7 billion, $4.8 billion and $3.1 billion to fund and equip their military.
The budgetary allocation cannot provide such amount of money, hence, the House of Representatives will seek for possible alternatives to fund the military.