Aviation: Foreign airlines trapped funds in Nigeria reach $743,721,097.

The trapped funds from foreign airlines operating in Nigeria reached $743,721,097 from $662m in January 2023. On Tuesday, the International Air Transport Association, IATA, disclosed this in a letter addressed to the Minister of Aviation, Hadi Sirika, signed by the Area Manager West and Central Africa. The Minister of Aviation, Senator Hadi Sirika, says that releasing foreign airlines’ trapped funds in Nigeria is beyond the Ministry.

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The Minister stated this at a meeting with the representatives of the International Air Transport Association (IATA) and the National Association of Nigeria Travel Agencies NANTA to discuss the salient issues affecting the organizations and the country.

In a statement by the Deputy Director of Press and Public Affairs, Odutayo Oluseyi, the Minister said the issue of blocked funds sits with the Central Bank of Nigeria, CBN, and it is not what the Ministry can handle alone else it would have been resolved immediately.

While stating Nigeria’s commitment to the Bilateral Air Service Agreement, he assured them that the aviation Ministry is concerned and will do its best to resolve the matter of blocked funds as soon as possible.

Aviation: Foreign airlines trapped funds in Nigeria reach $743,721,097.

Senator Sirika urged International Airline Operators to be considerate when dealing with the issue. Consider the effects of Covid 19 and the recession the country has experienced.

Speaking earlier, Dr Samson Fatokun, area Manager of West and Central Africa, who led the delegation, said the global airline community would like to appeal to the Minister for particular intervention in resolving airline-blocked funds issues in Nigeria.

He said the airlines are facing collateral damage, and the average Nigerian bears the brunt of this issue.

The IATA representative expressed gratitude to the Minister for his continuous support for air transport growth in Nigeria and for actualizing his role as a catalyst for developing the Nigerian economy.

Also, the President Of the National Association of Nigerian Travel Agencies (NANTA), Mrs. San Akporiaye, said the travel agents have recorded huge losses due to these lingering issues and beg for quick intervention.

“It is a tough time for us as some are already giving up on the industry and entering other businesses. It is our loss and the country’s as we don’t sell more tickets like we used to, whichever increases unemployment if this issue is not addressed”.

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