Ken Okeke
The Minister of Aviation Hadi Sirika, has assured that the Federal Government is ready to release all ticket sales trapped funds to foreign airlines.
Sirika made the promise Abuja on Thursday at the ongoing National Aviation Stakeholders Forum 2023.
He also said that the national carrier, Nigeria Air, will commence operation before May 29, 2023.
“Negotiation meeting with the Ethiopian Airlines Group Consortium and the Federal Government of Nigeria are ongoing. Next step, Federal Executive Council approval of the Full Business Case. “Operation of local and international flights will commence soon. Before the end of this administration, before May 29, we will fly,” he said.
The Minister said the benefits to accrue to Nigeria from the establishment of a national carrier would include reduced capital flight, optimal benefit of BASA and SAATM and a developed aviation hub.
He also listed other benefits to include higher contribution of aviation sector to the GDP, boosting of hospitality and tourism business, growth and development in agriculture as well as creation of jobs around the agro-cargo terminals.
Meanwhile he said that Nigeria is aiming to release money from foreign airlines’ ticket sales, held up by dollar shortages in the country, and has already started making some payments.
Nigeria is facing severe dollar shortages, forcing many citizens and businesses to seek foreign exchange on the black market, where its Naira currency has progressively weakened.
The dollar shortages have made it difficult for some foreign airlines that sold tickets in the Nigerian Naira to get their money out of the country.
Nigeria is facing severe dollar shortages, forcing many citizens and businesses to seek foreign exchange on the black market, where its Naira currency has progressively weakened.
The dollar shortages have made it difficult for some foreign airlines that sold tickets in the Nigerian Naira to get their money out of the country. A spokesperson for the global airlines industry association IATA said last week that Nigeria was withholding $743 million in revenue earned by international carriers operating in the country, the highest amount owed by any nation.
Sirika did not provide a timeline for releasing the trapped funds. He said Qatar Airlines had $201 million blocked while another $216 million was owed to IATA airlines. “We are doing our best to get the monies released,” Sirika told reporters in Abuja.