Nigeria is speedily losing its financial credibility over the $600 million trapped funds of the foreign carriers operating in the country as the International Air Transport Association (IATA), the clearing house for over 300 airlines operating across the world, on Thursday took a swipe at the Federal Government for continually denying the airlines the right to repatriate the funds back to their home countries.
This is according to a statement issued by IATA’s Regional Vice-President for Africa and the Middle East, Kamil Alawahdi and made available to the Nigerian Tribune.
According to Alawahdi: “IATA is disappointed that the amount of airline money blocked from repatriation by the Nigerian government grew to $464 million in July.
“This is airline money and its repatriation is protected by international agreements in which Nigeria participates. IATA’s many warnings that failure to restore timely repatriation will hurt Nigeria with reduced air connectivity are proving true with the withdrawal of Emirates from the market.
“Airlines cannot be expected to fly if they cannot realize the revenue from ticket sales. Loss of air connectivity harms the local economy, hurts investor confidence, and impacts jobs and people’s livelihoods. It’s time for the Government of Nigeria to prioritize the release of airline funds before more damage is done.”
IATA’s leadership at its recent Annual General Meeting in Doha, Qatar lamented how the inability of the airlines to repatriate their funds has affected their operational cost.
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