$53m foreign airlines’ funds trapped in Nigeria

Foreign airlines trapped funds in Nigeria currently stand at $53 million, according to the International Air Transport Association (IATA).

The airlines are unable to repatriate the money which represents proceeds from ticket sales sold in naira due to the unavailability of foreign exchange, it was learnt.

• House may review multiple designations for foreign airlines
• Airlines cut flights, 70% of aircraft ‘stranded’ over checks

However, the money was a far cry compared to what it was five years ago when over $600m of foreign carriers’ ticket proceeds were trapped in the Central Bank of Nigeria (CBN).

Daily Trust reports that the current government was able to clear the backlog from $600m in 2015 to about $30m in 2019.

At the just concluded 76th IATA Annual General Meeting (AGM), Regional Vice President for Africa and the Middle East (AME), Mr. Muhammed Ali Albakri, disclosed that Nigeria and other African countries have blocked funds totaled at $516m.

Although Nigeria with $53m trapped is the 4th among the 12 states with similar issues.