Nigeria: Federal Govt Assures IATA of Repatriation As Foreign Airlines' Trapped Funds Hit $743m

15 March 2023
Leadership (Abuja)
By Ejike Ejike and Yusuf Babalola

Trapped funds of foreign airlines operating in Nigeria have risen to $743.7million from $662m in January, 2023.

This was even as the minister of Aviation, Senator Hadi Sirika, assured the International Air Transport Association (IATA) and foreign airlines that the federal government would resolve the blocked funds of the foreign airlines as soon as possible.

This was disclosed, yesterday, by IATA, in a letter addressed to the minister of Aviation, Hadi Sirika, signed by the Area manager, West and Central Africa, Dr. Samson Fatokun.

According to the letter, IATA and the global airline community seek an invention from the minister for the resolution of airlines blocked funds issues in Nigeria.

"For over a year, Nigeria has been the country with the highest amount of airline-blocked funds in the world. Please find attached the comparative table of airlines' blocked funds by country.

"Moreover, as of January 2023, airlines' blocked funds in Nigeria have increased to $743.721.092 from $662m in January 2023 and $549m in December 2022," it pointed out,

However, the minister of Aviation, Senator Hadi Sirika, has assured IATA and foreign airlines that the federal government would resolve the blocked funds of the foreign airlines as soon as possible.

The minister gave the assurance when he met with IATA and foreign airline operators, on Tuesday, to discuss trapped fund.

He urged international airline operators to be very considerate when dealing with the issue bearing in mind the effects of Covid-19 and the recession the country had experienced.

Read the original article on Leadership.

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