Chinedu Eze
The International Air Transport Association (IATA) has reported that Nigeria has paid 98 per cent of airlines trapped funds in the country and called for the final clearance of the remaining 2 per cent.
This was disclosed by the Director General of IATA, Willie Walsh who said there is overall 28 per cent decrease in the amount of airline funds blocked from repatriation by governments.
He put the total blocked funds at the end of April, 2024 at approximately $1.8 billion, a reduction of $708 million (28 per cent) since December 2023.
Walsh acknowledged the tremendous progress in Nigeria, recalling that at its peak in June 2023, Nigeria’s blocked funds amounted to $850 million, significantly affecting airline operations and finances in the country, but most of the funds had been repatriated by the airlines from Nigeria.
According to him, carriers faced difficulties in repatriating revenues in US dollars, and the high volume of blocked funds led…
Source: Thisday Newspaper
