The Federal Government has withdrawn its Boeing 737-700 Business Jet from an international sales platform after receiving several low offers, which were far below the expected price for the 20-year-old aircraft.
This decision comes after prospective buyers presented offers as low as $10 million, prompting the government to retract the jet from sale.
A senior presidency official confirmed to Sunday Punch that the aircraft was delisted due to pricing issues. The offers received, some reportedly as low as $10 million, were deemed far below the government’s expectations for the jet, which had undergone several refurbishments and maintenance upgrades.
The official said, “The jet was removed from the advertisement website because the prices being quoted were not what the government wanted. They won’t get value for money that way.
“Some buyers were even pricing it at $10 million. The reason could be its age, which is a factor in its market value.”
Experts in aviation brokering explained that ageing VIP aircraft, such as the Boeing 737-700, typically have a limited pool of buyers. Buyers interested in such aircraft generally prefer newer models with manufacturer-backed support programs and modern interiors.
The Boeing 737-700 Business Jet, tail number 5N-FGT, was initially listed for sale in July 2025 as part of the government’s cost-cutting measures and fleet rationalization under President Bola Tinubu’s administration. The aircraft, originally acquired for $43 million in 2005 during the tenure of former President Olusegun Obasanjo, had been in service for over two decades.
In preparation for its sale, the jet underwent a C1-C2 inspection and partial interior upgrades at AMAC Aerospace in Basel, Switzerland, including new carpeting and a first-class seating makeover. It also received the comprehensive “D-Check,” the most thorough maintenance inspection for commercial jets, which costs millions of dollars.
Despite these extensive upgrades, the jet’s age significantly dampened buyer interest. It is not enrolled in an engine maintenance program, which is a red flag for potential buyers who prefer more predictable maintenance costs.
Aviation brokers noted that while newer models of similar jets could fetch several times more than the offers received for the Boeing 737-700, factors such as avionics, interior features, and maintenance programs heavily influence pricing.
A security official explained that the government’s decision to withdraw the jet from sale was prudent, given low market demand and the limited number of operational aircraft in the Presidential Air Fleet.
Presidential Air Fleet Challenges
Currently, the Nigerian Air Force operates around 10 aircraft in the Presidential Air Fleet, including Gulfstream G550, G500, Falcon 7Xs, and an Airbus A330-200, which is dedicated solely to President Tinubu.
However, the fleet faces challenges, with three fixed-wing jets currently unserviceable, placing additional pressure on the remaining aircraft.
“There are times when the government has to hire or charter flights because the statutory aircraft may be engaged and another need arises,” said a source in the presidency. “Even the Senate President and Speaker sometimes have to charter flights.”
The Presidential Air Fleet also plays a crucial role in regional diplomacy, as some countries within the Economic Community of West African States (ECOWAS) cannot afford to move their officials around, prompting Nigeria to provide air support. This added diplomatic responsibility is another reason why maintaining a robust and operational fleet is essential.
The newest addition to the presidential fleet is the Airbus A330-200, purchased for approximately $100 million from a repossessed European bank asset.
It was delivered in August 2024 and is now designated as Eagle One for long-range presidential trips. The Airbus is expected to reduce long-term operational costs due to its better fuel efficiency and longer range compared to the older Boeing 737.
During its downtime for refurbishment, President Tinubu used a San Marino-registered BBJ (T7-NAS) for various international and domestic trips.
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