Nigeria has cleared 98 percent of the funds of airlines trapped in the country, with the International Air Transport Association hailing the government.
The Director-General of IATA, Willie Walsh, gave kudos to the Nigerian Government in a statement issued on Sunday.
Walsh confirmed in the statement that Nigeria had $850 million as trapped airlines fund in June 2023, adding that the 98 percent paid amounted to $831 million, with the outstanding two percent being $19 million.
He said in the statement: “At its peak in June 2023, Nigeria’s blocked funds amounted to $850 million, significantly affecting airline operations and finances in the country.
“Carriers faced difficulties in repatriating revenues in US dollars, and the high volume of blocked funds led some airlines to reduce their operations and one carrier to temporarily cease operations to Nigeria, which severely impacted the country’s aviation industry.
“However, as of April 2024, 98 percent of these funds have been cleared.
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“The remaining $19 million is due to the Central Bank of Nigeria’s ongoing verification of outstanding forward claims filed by the commercial banks.
“We commend the new Nigerian government and the CBN for their efforts to resolve this issue.
“Individual Nigerians and the economy will all benefit from reliable air connectivity for which access to revenues is critical.”
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