The Senate on Wednesday urged the Central Bank of Nigeria (CBN) to release $717,478,606 airlines funds trapped in the country.
It also asked the apex bank to allocate $25 million to airlines operating in the country at its fortnightly dollar auction.
The red chamber further appealed to the airlines operating in the country not to withdraw their services while efforts are on to resolve the issue.
These resolutions followed a motion by Senator Biodun Olujimi (PDP – Ekiti South) during plenary on Wednesday. The motion was presented by the Vice Chairman of the Senate Committee on Aviation, Senator Ibn Bala Na’Allah (APC – Kebbi South).
In his lead debate, Na’Allah noted that since January 2021, Nigeria has been the most challenging country in the world for airlines to repatriate their funds to support their operation. He said, “In February 2023, Nigeria alone accounted for 44 per cent of total airlines blocked funds in the entire world. “The total airlines’ blocked funds in Nigeria as at March 28th, 2023 amounted to $717,478,606, comprising matured bids that the Central Bank of Nigeria (CBN) is yet to deliver, bids yet to mature and cash balances in airlines’ accounts for repatriation.
SOURCE: DAILY TRUST
