‘Overseas Airways Trapped Funds Will Be Remitted Quickly’

The Federal Authorities of Nigeria has taken a significant step in the direction of resolving the difficulty of trapped funds belonging to international airways working within the nation.

The President of the Nationwide Affiliation of Journey Brokers of Nigeria (NANTA) Susan Akporiaye, disclosed this to our correspondent in Abuja on Sunday.

She defined that the cost to the international airways could be made in installments.

Akporiaye acknowledged, “There are strikes from FG in the direction of the funds of airways’ trapped funds. The cost will probably be finished in elements. Dates weren’t given, and the quantity per airline will range.”

There was rising concern within the aviation business over the trapped funds of international airways.

Overseas airways working within the nation have been unable to repatriate the income they generate from ticket gross sales as a result of international trade shortage in Nigeria.

Economic Confidential reported that international airways’ trapped funds in Nigeria had risen to $802m

As of March, in accordance with the Worldwide Air Transport Affiliation.

In consequence, IATA warned the Nigerian authorities that the state of affairs might hamper air connectivity, financial progress, and the event of the nation’s aviation sector.

Recall that in March, IATA had in a letter addressed to the Minister of Aviation, Hadi Sirika, signed by the Space Supervisor West and Central Africa, Dr Samson Fatokun, famous that the trapped funds belonging to international airways working in Nigeria had risen by 12.39 per cent to $743.72m in January 2023, up from $662m within the corresponding interval final 12 months.

Nonetheless, Sirika, in a gathering with the IATA group, international airways and journey brokers, assured the international airways that he would take the difficulty up with the presidency and the Central Financial institution of Nigeria.