Nigeria is currently holding $283 million worth of foreign airlines’ funds in the country. The funds are proceeds from sales of foreign airlines’ tickets among others that are trapped in Nigeria.
This was disclosed by the Minister of Aviation, Hadi Sirika, during the commissioning of the new international terminal of the Murtala Muhammed Airport, Lagos on Tuesday.
According to him, the sector needs the support of the Central Bank of Nigeria (CBN) through the directives of President Muhammadu Buhari, to aid access of both local and foreign airlines to foreign exchange.
He said, “Aviation business suffers from issues of foreign exchange by local and foreign airlines and their inability to repatriate blocked funds. Nigeria currently holds $283 million worth of foreign airlines fund in the country. I humbly ask for the support of the Central Bank of Nigeria (CBN) through the directives of President Muhammadu Buhari, to aid access of both local and foreign airlines to foreign exchange.
“The President is aware of the recent incident the sector witnessed relating to the scarcity of Jet A1 fuel. Though, this is global but I wish to humbly request that the President should direct the NNPC to import Jet A1 in good quantity and ask the CBN to provide forex for airlines to aid supply. ” The ministry is committed to adequate maintenance for all terminal buildings across the nation. We will ensure all passengers have access to great infrastructure anytime they use a y of the terminals.”
What you should know
Nairamnetriucs had reported that the sum of $53 million, which is the proceeds from sales of foreign airlines’ ticket, are trapped in Nigeria.
This was disclosed by the International Air Transport Association’s (IATA) Regional Vice President for Africa and the Middle East (AME), Mr. Muhammed Albakri, at its 76th Annual General Meeting.
Albakri explained that foreign airlines operating into Nigeria are having difficulties repatriating the fund back to their operational base.
He stated that Nigeria and other African countries have blocked funds that amounted to $516 million.
He said, “IATA has been at the forefront of the campaign, soliciting governments’ support for the aviation industry in order to salvage the situation.”
Nigeria is not the only country with trapped funds but fourth among 12 others with similar issues.
Others African states are Zimbabwe $160 million; Eritrea $79 million; Algeria $54 million; Ethiopia $52 million; Sudan $45 million; Libya $27 million; XAF Zone $27 million; Angola $9 million; Mozambique $6 million; Burundi $3 million and Zambia $1 million.
The situation of the economy is improving,the blocked funds will yield interest of 5-9% monthly.political silent consensus.common hisense .economist.a.i.kiyawallah.
The economy analysis will grow at a rapid graphical scale.the cbn,nigeria apex bank are performing extraordinary.patient & timing is the sovreingty needed.we can see the light…