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NAHCO boss urges FG to release airlines’ trapped funds
NAHCO boss urges FG to release airlines’ trapped funds
The Chairman of the Board of Nigerian Aviation Handling Company (NAHCO) Plc, Dr Seinde Fadeni, has called on the Federal Government to release funds belonging to foreign airlines trapped in the vaults of the Central Bank of Nigeria.
Dr Fadeni who was addressing the 42nd Annual General Meeting of the Company in Lagos Friday said it was just fair that those who had worked hard for their money should be allowed access to the money worked for.
According to him, the Federal Government “should speedily resolve the issue of funds belonging to the airlines. It is just fair that monies legitimately earned should be released to the operators who earn such funds.”
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Continuing, the NAHCO boss said, “NAHCO stands with the airlines and calls on the Federal Government and the Central Bank of Nigeria to release these funds. This would give the government more credibility as well as increase foreign investors’ confidence in our nation.”
Global airlines body, International Air Transport Association, disclosed that as of April 2023, airlines trapped funds in Nigeria amounted to $802m. This is about half the total amount of trapped airlines fund in Africa which stood at $ 1.6 billion within the same period.
Referring to these funds interchangeably as both trapped and blocked, IATA said Africa’s Central Bank vaults hold 66 per cent of such funds.
Fadeni pointed out that government should be an enabler, providing the needed environment for legitimate businesses to thrive.
