Aviation Blocked Funds Hits $600 Million in Nigeria – IATA

Aviation Blocked Funds Hits $600 Million in Nigeria – IATA

Foreign Airlines Set To Quit Nigerian Market
International airlines are curtailing their activity in Nigeria as a result of the inability of the airlines to access foreign exchange to enable them repatriate their funds. In the most recent development, some of them are presently at the verge of collapsing their operations in the country owing to blocked funds amounting to $600 million.
The lingering issue of recovery of operating funds being the focal point, and the high requirement on the dollar over flight charges biting harder, the foreign airline operators have been left with little or no choice than to intensify their call on the government to intervene.
money dollarAccordingly, the International Air Transport Association (IATA) has called on the federal government to help repatriate the over $600 million accumulated blocked funds accruing from tickets sales in foreign currencies trapped since 2015 which is now a backlog.
The Area Manager, South West Africa, (IATA), Dr. Samson Fatokun made the call when he led a delegation of foreign airlines forum to the Minister of State for Aviation, Senator Hadi Sirika, to lay down its requirements as their previous visit to the Vice President, Prof. Yemi Osibanjo did not yield much result.
Fatokun lamented that Nigeria is presently the country with the highest amount of blocked funds after Venezuela and therefore called on the Minister to help airlines recover their operating cost by reducing the requirement on dollar.
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