Foreign airlines trapped funds in Nigeria increases to $743m
Shola Adekola – Lagos
The International Air Transport Association (IATA) has revealed that the trapped funds of the over 27 foreign airlines operating in Nigeria have jumped from the initial $662m in January 2023 to a whopping $743,721,097.
IATA stated this in its latest letter addressed to the Minister of Aviation, Senator Hadi Sirika, signed by the Area Manager West and Central Africa, IATA, Dr Samson Fatokun, in Abuja.
IATA, the international clearing house for over 300 airlines globally on behalf of foreign carriers approached the minister to help resolve the issue of the trapped funds in Nigeria.
According to IATA in the statement, “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.”
Out of frustration, the foreign airlines have taken some harsh decisions against the Nigerian travelling public to force the feral government through the Central Bank of Nigeria (CBN) to release the beloved funds.
Failure to get a positive response from Nigeria, the airlines removed the low inventory fares from Nigeria thus leaving Nigerians with the most expensive fares globally.
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