Foreign airlines stranded funds hit $743m

Oluwanifemi Ojo
Oluwanifemi Ojo

The International Air Transport Association revealed on Tuesday that the foreign airline funds trapped in Nigeria have increased from $662m in January 2023 to $743,721,09.

This was according to a letter addressed to the Minister of Aviation, Hadi Sirika, and accessed by The Punch.

The letter was signed by the Area Manager West and Central Africa, Dr Samson Fatokun.

IATA and the international airline industry, as stated in the letter, are requesting a solution from the minister to the problem of trapped airline cash in Nigeria.

The letter reads in part, “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.”

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