The International Air Transport Association (IATA), the umbrella body of airline operators globally, has put the amount of foreign airlines trapped in Nigeria at $737.7 million.
The association in a letter signed by its Area Manager West and Central Africa, Dr. Samson Fatokun, addressed to Nigeria’s Minister of Aviation, Hadi Sidika, stated that the foreign carriers’ trapped funds surged to the latest amount from the $662 million it stood in January this year.
Fatokun pointed out that with this huge amount, Nigeria remained the country with the highest amount of trapped funds of foreign airlines globally.
According to him, the association is now seeking the invention of the minister to immediately create opportunity for discussions on the blocked funds could be repatriated by foreign airlines
The Area Manager stated: “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”, he added.
It would be recalled that the lingering crisis between the foreign carriers and the Federal Government over the trapped funds had forced the foreign airlines to take some harsh measures against the Nigerian travellers with a view to making the government release the trapped funds.
After months of inability to secure any positive response from the Nigerian government, the airlines recently removed the low inventory fares from Nigeria, thereby making Nigerian travellers to be paying very high air fares that are rated among the highest globally.
