98% of Airline Funds Held In Nigeria Have Been Returned- IATA

According to the International Air Transport Association (IATA), multinational carriers have successfully repatriated about 98% of the airline cash that were stranded in Nigeria.

This was revealed in a statement released on Sunday by IATA Director-General Mr. Willie Walsh, who also commended the government for its efforts in guaranteeing the return.

Walsh stated that as of June 2023, Nigeria had blocked $850 million worth of money, which had a major effect on the business and financial stability of airlines that operated there.

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He clarified that while 98% of the $850 million had been paid, $19 million—or around 2% of the total—was still owed.

“At its peak in June 2023, Nigeria’s blocked funds amounted to $850 million, significantly affecting airline operations and finances in the country.

“Carriers faced difficulties in repatriating revenues in U.S. dollars, and the high volume of blocked funds led some airlines to reduce their operations and one carrier to temporarily cease operations to Nigeria, which severely impacted the country’s aviation industry.

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“However, as of April 2024, 98% of these funds have been cleared. The remaining $19 million  is due to the Central Bank of Nigeria’s ongoing verification of outstanding forward claims filed by the commercial banks.

“We commend the new Nigerian government and the CBN for their efforts to resolve this issue.

“Individual Nigerians and the economy will all benefit from reliable air connectivity for which access to revenues is critical,” Walsh said.