$600m trapped funds threaten economy, aviation industry

Barring a quick intervention from the Federal Government, air travellers, and the industry could be jolted in the days ahead as the unrepatriated funds for foreign airlines accruing from sales of flight tickets in local currencies hit the $600m mark at the end of June.

This worrisome development has already elicited serious concerns from captains of the aviation industry, business analysts, as well as travel agencies, who have called for swift action.

Foreign airlines have equally warned of dire consequences should the stuck funds not be freed sooner than later.

The experts urged the Central Bank of Nigeria (CBN) to wake up to its responsibilities and place the foreign airlines on the cash-call priority list, as a critical service provider to the Nigerian economy.

Findings by correspondents showed that the stuck fund was in excess of $800 million in November 2021. It was brought down to about $283 million as at March this year, further increased to $450 million in May, and according to estimates, has now reached about $600 million as at June ending.