Nigeria sells presidential jets to cut costs during recession

President Muhammadu Buhari said Wednesday he was selling two presidential planes out of a fleet of 10 to cut costs during Nigeria's severe economic recession.

The sale was meant "to cut down on waste," said presidential spokesman Garba Shehu.

A Falcon 7x executive jet and a Hawker 4000 plane are being advertised in various newspapers, according to the spokesman.

Africa's largest oil exporter slumped into a recession in late August after its economy declined for two consecutive quarters.

The downturn was caused by a sharp contraction in the oil sector, chronic electricity shortages and a currency that quickly depreciated as global oil prices tumbled.

Crude oil makes up more than 90 per cent of the West African nation's export earnings.

Last update: Wed, 05/10/2016 - 18:19
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