$800m stuck funds: Federal Govt directs CBN to se

• Woos aviation investors with tax holidays, other incentives • IATA ranks Nigeria highest in airport charges in Africa President Bola Tinubu, yesterday, directed the Central Bank of Nigeria to create a platform for quarterly reconciliatory meetings with foreign airlines, towards settling accumulated trapped funds. Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed…

He noted that the development was one of the reasons President Tinubu travelled to the United Arab Emirates to address. “This administration is committed to ensuring that forex is readily available to entrepreneurs and I have directed that the CBN hold quarterly reconciliation meetings with a view to resolving this issue.”

“Government welcomes major players in aircraft leasing and lessors to invest in Nigerian airlines to provide state of the art aircraft. The government will ensure the enforcement of contract agreements and the rights of investors and indeed all parties are protected and Nigeria being a signatory to the Cape Town Convention will uphold international obligations.

The global trade body representing the airline industry recently queried the Federal Government for not being responsive to the foreign airlines’ inability to repatriate their funds in excess of $800 million. The body also ranked Nigeria highest on airport charges in Africa, with Nnamdi Azikiwe International Airport, Abuja, topping the ‘most expensive’ list, closely followed by Murtala Muhammed International Airport, Lagos.

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