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HomeBusinessNigeria has made significant progress in clearing its debt to airlines |2024

Nigeria has made significant progress in clearing its debt to airlines |2024

Last Updated on June 3, 2024 by Silvy

Nigeria has made significant progress in clearing its debt to airlines

Nigeria has made significant progress in clearing its debt to airlines, according to the International Air Transport Association (IATA).

As of April 2024, 98% of the debt has been resolved. This is a major improvement from June 2023, when Nigeria had $850 million blocked, which caused airlines to cut back on operations.

The remaining $19 million is due to outstanding claims being verified by the Central Bank of Nigeria (CBN). IATA commends Nigeria for its progress and urges the Nigerian government to prioritize clearing the remaining balance.

IATA also emphasizes the importance of airlines repatriating their earnings. They point out that blocked funds can have a negative impact on the aviation industry, as airlines are unable to access their rightfully earned revenues.

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