The $717 million blocked foreign airline cash has been requested for release by the Nigerian Senate from the federal government and the Central Bank of Nigeria.
According to Eyewitness9ja, this was the result of a resolution introduced on Wednesday by Biodun Olujimi, the Senate’s chairman of the aviation committee.
Senator Bala Na’Allah, the Vice Chairman of the Aviation Committee, spoke on behalf of Olujimi and requested the CBN to donate $25 million from its dollar auction to Nigerian airlines.
The federal government’s and CBN’s decision to restrict Airline money in Nigeria, in the legislator’s opinion, poses a risk to foreign direct investment.
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The total amount of monies blocked by airlines in Nigeria as of March was $717,478,606, which included matured bids that the CBN has not yet delivered, pending bids, and cash balances in airlines’ accounts for repatriation, he added.
The International Air Transport Association has already issued multiple cautionary statements on the possibility of airline operations ceasing due to stuck funds in Nigeria.