Foreign Airlines Claim $700m Still Trapped In Nigeria

Foreign airlines operating at the nation’s airports have reiterated that over $700million of their ticket revenue still trapped in the country.

NATIONAL ECONOMY reports that the Central Bank of Nigeria(CBN), had, in January, said it had concluded the payment of all verified claims’’ by foreign airlines with the payment of an additional $64.44million to concerned airlines.

The central bank said the development had brought the total verified amount paid to the air transport sector to $136.73million, adding that ‘all the verified airline claims had now been cleared.’

Also, on Wednesday, it cleared additional $7billion, thereby, effectively eliminating a legacy burden.

However, speaking against the backdrop of the recent FX clearance, foreign airlines argued that over $700million of their ticket fund still currently trapped in Nigeria.

In an exclusive chat with NATIONAL ECONOMY, the president of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), Kingsley Nwokoma, stated that, about $700million belonging to foreign airlines still trapped in the nation’s economy.

According to him, if the CBN truly cleared the foreign airlines backlog, they should show that with evidence of payment.

“This statement is just like the same thing they said the last time, if they say they cleared all forex backlog, and which include the foreign airlines backlog, it’s easy, it’s just for them to show everyone evidence to see that the foreign airlines backlog has been paid.

“However, it’s still the same amount they paid. They paid twice and we all know that the foreign airlines are complaining that they are still being owed over $700million. If they say they have cleared it then they should be transparent because transparency means how much they have paid to each sector, they should let us know,” Nwokoma stated.