FG Will Help Foreign Airlines to Repatriate $350 Million by December

The speaker of the House of Representatives has assured that foreign airlines will be able to repatriate half of their trapped funds by December 2022.

Femi Gbajabiamila, the Speaking of the House of Representatives, disclosed this at a roundtable discussion with the representatives of foreign airlines operating in Nigeria and other aviation stakeholders.

It will be recalled that foreign airlines in Nigeria under the umbrella of the International Air Transport Association (IATA) have accused the Nigerian Government of blocking the repatriation of $700 million accrued to them from the sale of air tickets.

The operators disclosed this in an earlier meeting organised by the speaker of the House of Representatives.

Femi Gbajabiamila noted in yesterday’s meeting that the Federal Government plans to make $350 million available from the total trapped fund of $700 million by the end of the year.

He noted further that it is important for both parties to shift ground so as to have a resolution created for the problem while reiterating that national interest should be of utmost importance.

Also speaking at the meeting, the Minister of Aviation, Sen. Hadi Sirika noted that the Federal Government will not condone threats or intimidation from any foreign airlines. He stated that foreign airlines should have the courage to come forward and negotiate rather than resorting to blackmail. 

Investors King gathered that the minister added that Nigeria’s airspace will survive if foreign airlines cease operations from Nigeria. He highlights that Nigeria will do better if foreign airlines tow that path.

Hadi Sirika said “Every country, every airline will threaten Nigeria. We will not fly to Nigeria again; we are not given Nigerian visa again. Countries have been shut down completely and they did well. We are not afraid of being shut out. It will help us to do better. We will begin to go to our hospitals and schools”.

Meanwhile, during the submission of the Governor of the Central Bank of Nigeria, Godwin Emefiele, he disclosed that the CBN has always accorded priority to foreign airlines since 2016.

He noted that the apex bank has always made foreign exchange available to foreign airlines to repatriate their funds. He, therefore, called for understanding while the current challenge is being addressed.