Trapped foreign airlines’ Fund: FG reacts, allays fears of operators

The federal government has reacted to the threat of foreign airlines to abandon the Nigerian route for other profitable routes following their inability to repatriate over $600 million trapped in the Central Bank of Nigeria.

The development follows Emirates’ decision to pull out of the market in protest of its $86 million, making up part of the funds. The International Air Transportation Association (IATA) expressed disappointment over the government’s position.

Reacting, Minister of Culture and Information, Lai Muhammed said relevant authorities are working on solutions over inability of foreign airlines to repatriate $464 million revenue.

“On the trapped funds, I can tell you that the relevant authorities are working hard on that issue,” he said.

Since last week, the federal government has been under immense pressure to work out a means of repatriating foreign airlines’ funds.

Stakeholders also begged the government to do the right thing and support the sector.

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The House of Representatives, responding to the situation in a statement, said it would meet with all stakeholders to resolve the matter.

“The Honourable speaker, house of representatives, Rt. Hon. Femi Gbajabiamila and the leadership of the house of representatives have been briefed on the disturbing notice of withdrawal of services recently issued by some international airline operators in the country,” the statement read.

“He has, therefore, requested the chairman house committee on aviation (hon. Nnoli Nnaji) and house of representatives management to immediately set a date for a meeting with all stakeholders in the aviation sector and the executive arm of government to find urgent solutions to the issues in contention.