Market News
Foreign airlines trapped funds in Nigeria rises to $743m - VANGUARD
The trapped funds belonging to foreign airlines operating in Nigeria have reached $743,721,097 from $662m in January 2023.
The International Air Transport Association, IATA, on Tuesday, disclosed this in a letter addressed to the Minister of Aviation, Hadi Sirika, signed by the Area Manager West and Central Africa, Dr. Samson Fatokun, and obtained by our correspondent in Abuja.
According to the letter, IATA and the global airline community seek an invention from the minister for the resolution of airlines blocked funds issues in Nigeria.
“For over a year, Nigeria has been the country with the highest amount of airline-blocked funds in the world. Please find attached the comparative table of airlines’ blocked funds by country.
“Moreover, as of January 2023, airlines’ blocked funds in Nigeria have increased to $743.721.092 from $662m in January 2023 and $549m in December 2022.”
