The Nigerian Civil Aviation Authority (NCAA) is taking action to address the persistent rise in airfares, according to the Acting Director-General, Chris Najomo. In a Twitter announcement, Najomo stated that a high-powered committee has been established to examine various factors contributing to high airfares and formulate strategies for their reduction. The initiative follows discussions with airlines, stakeholders, and relevant agencies, with a commitment to ensuring tangible outcomes in cost reduction.
This move comes amidst the government’s efforts to settle repatriation dues owed to foreign airlines. Data from the Central Bank of Nigeria reveals that foreign airlines repatriated N795.48 billion from Nigeria in the first half of the year. The apex bank’s Balance of Payment compilation indicates that airlines withdrew $1.76 billion in the first and second quarters of 2023. The debit side includes expenditures on passenger tickets (N779.61 billion), cargo ($10.22 billion), and other miscellaneous expenses (N5.65 billion).
The central bank defines the Balance of Payments as a systematic record of economic and financial transactions between residents and non-residents over a specific period, shedding light on the intricate financial dynamics involving foreign airlines in Nigeria.
