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NCAA Directs Airlines to Submit Monthly Financial Reports
- NCAA Directs Airlines to Submit Monthly Financial Reports
To sustain flight safety and ensure that domestic carriers have robust financial status, the Nigerian Civil Aviation Authority (NCAA) has started enforcement of economic regulation of the airlines.
To this end, the agency has insisted that the operators must submit monthly financial report to the agency.
NCAA explained that this is to ensure that airlines that do not have the funds to maintain their aircraft; pay their staff, renew insurance of their aircraft and have operation funds are not allowed to continue operation.
It is also aimed at preventing possible air crash, as airlines that cannot sustain the airworthiness of their aircraft are not given start up to go into service.
The Director General of NCAA, Captain Muhtar Usman, who made this known on Wednesday in Lagos, said the regulatory authority has directed all airlines to always submit their financial health report to it in order to ensure strict economic regulation of the sector.