Connect with us

Abuja Reports

$19m Foreign Airlines’ Fund Still Trapped In Nigeria – IATA

Published

on

The International Air Transport Association (IATA), has said $19million belonging to foreign airlines operating in Nigeria is still trapped with the Central Bank of Nigeria (CBN).

The director general of IATA, Willie Wash, disclosed this at the world media conference during the ongoing Annual General Meeting of the association in Dubai.

Walsh stated that remaining two per cent of funds amounting to $19 million yet to be cleared is due to the Central Bank’s ongoing verification of outstanding forward claims filed by the commercial bank, noting that as of April 2024, 98% of the funds have been cleared assuring that individual Nigerians and the economy will benefit from reliable air connectivity.

“As of April 2024, 98 per cent of these funds have been cleared.

The remaining $19 million is due to the Central Bank’s ongoing verification of outstanding forward claims filed by the commercial banks. We commend the new Nigerian government and the Central Bank of Nigeria for their efforts to resolve this issue.

“Individual Nigerians and the economy will all benefit from reliable air connectivity for which access to revenues is critical. We are on the right path and urge the government to clear the residual $19 million and continue prioritising aviation,” Walsh said.

Before now, Willie Walsh identified eight countries to be responsible for 87 per cent of blocked funds amounting to $1.6 billion, with Nigeria topping the list of the most indebted countries.

But, other countries still holding the trapped funds include: Pakistan, Bangladesh, Algeria, XAF Zone,  Ethiopia, Lebanon, Eritrea and Zimbabwe.

The IATA DG declared that the payment of Nigeria’s debts has subsequently led to  a 28% decrease in the amount of airline funds blocked from repatriation by governments.

The total blocked funds at the end of April stood at approximately $1.8 billion, a reduction of $708 million (28 per cent) since December 2023.

IATA reiterated its call on governments to remove all barriers to airlines repatriating their revenues from ticket sales and other activities in accordance with international agreements and treaty obligations.

“The reduction in blocked funds is a positive development. The remaining $1.8 billion, however, is significant and must be urgently addressed. The efficient repatriation of airline revenues is guaranteed in bilateral agreements. Even more importantly, it is a prerequisite for airlines who operate on thin margins to be able to provide economically critical connectivity. No business can operate long-term without access to rightfully earned revenues.

“The main driver of the reduction was a significant clearance of funds blocked in Nigeria. Egypt also approved the clearance of its significant accumulation of blocked funds. However, in both cases, airlines were adversely affected by the devaluation of the Egyptian Pound and the Nigerian Naira.

“At its peak in June 2023, Nigeria’s blocked funds amounted to $850 million, significantly affecting airline operations and finances in the country. Carriers faced difficulties in repatriating revenues in US dollars, and the high volume of blocked funds led some airlines to reduce their operations and Emirates airlines to temporarily cease operations to Nigeria, which severely impacted the country’s aviation industry.”

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Abuja Reports

Atoyebi Adewumi Wins 4th National Essay Competition, Beats 2,000 Contestants

Published

on

By

By Samson Adeyanju

Atoyebi Adewumi has emerged winner of the fourth edition of the National Essay Competition, beating more than 2,000 contestants in an intellectual contest aimed at promoting academic excellence, critical thinking and creative writing among young Nigerians.

The competition, which focused on the relevance of taxation to national development, challenged participants to examine the role of tax revenue in financing public services, stimulating economic growth and strengthening the relationship between government and citizens.

The initiative provided a platform for young Nigerians to demonstrate their writing skills, articulate informed perspectives on national issues and contribute ideas towards building a more responsible and progressive society.

Speaking after being declared winner, an elated Adewumi expressed gratitude to the convener, Foluso Sylvanus Ojo, and the organising team for providing young Nigerians with an opportunity to showcase their intellectual abilities.

“I am so glad, very, very glad, to have this privilege of emerging as the winner. I am grateful to the convener and the entire team, as well as everyone who supported this vision,” Adewumi said.

In his remarks, Ojo expressed concern over the tendency to criticise the attitudes and lifestyles of younger generations without providing adequate opportunities to nurture their talents and channel their energies towards productive pursuits.

He called on the government, corporate organisations and nongovernmental organisations to invest more in educational initiatives that promote intellectual excellence, creativity and responsible citizenship.

According to him, sustained investment in academic competitions and youth development programmes would encourage discipline, innovation and a stronger commitment to national development.

Drawing a comparison with the substantial cash prizes awarded in some reality television competitions in Nigeria, Ojo argued that students and intellectually gifted young Nigerians deserved greater recognition, financial support and encouragement.

“I believe the government should support initiatives like this because individuals need supportive hands, especially from the government. When they receive such support, they become more confident and motivated to continue their good work,” he said.

Ojo maintained that society could not continue to complain about the attitudes and lifestyles of young people without deliberately investing in programmes that encourage positive values and productive engagement.

The fourth edition of the competition also underscored the importance of tax awareness among young Nigerians, highlighting how effective taxation, transparency and accountable governance could contribute to improved infrastructure, education, healthcare and other essential public services.

Beyond celebrating the winner, the competition reinforced the need to identify, encourage and empower emerging intellectual talents capable of contributing meaningfully to Nigeria’s development.

Winner of the 5,000,000 naira

Winner of 3,000,000 naira

Winner of 2,000,000

All the participants 

Continue Reading

Abuja Reports

20 Finalists Begin Final Stage of National Essay Competition

Published

on

By

By Samson Adeyanju

Twenty finalists from across Nigeria have begun the final stage of the fourth edition of the National Essay Competition in Abuja, following an orientation session designed to prepare them for the decisive examination.

The finalists arrived in the Federal Capital Territory for a four-day, all-expenses-paid programme featuring the essay examination, institutional tours and opportunities for learning and networking.

The competition, the brainchild of Mr Foluso Ojo, is sponsored by the Nigeria Revenue Service (NRS).

Ahead of the examination, the finalists participated in an orientation session led by Professor Omotosho Borisade of Ekiti State University, who serves as the competition’s umpire.

The session familiarised participants with the competition’s rules and regulations, examination guidelines and assessment criteria, helping them understand the requirements of the final stage.

The essay examination is scheduled to begin today at 9 a.m., after which the finalists are expected to embark on institutional tours around Abuja.

The programme is designed to extend beyond the contest itself, exposing the finalists to new learning opportunities, professional connections and experiences in the nation’s capital.

The competition brings together young Nigerians to demonstrate their writing ability, knowledge, creativity and critical-thinking skills as they compete for the top honours.

With the finalists prepared for the examination, attention now turns to their performance and the eventual emergence of the competition’s champion.

 

Continue Reading

Abuja Reports

Caritas Nigeria Urges Ecological Conversion, Climate Action

Published

on

By

By Samson Adeyanju

Caritas Nigeria has called on Nigerians to embrace what Pope Francis describes as “ecological conversion,” urging citizens, institutions and governments to move beyond environmental rhetoric and take concrete action against climate change and environmental degradation.

The call was made during the commemoration of World Environment Day 2026 at the Catholic Secretariat of Nigeria (CSN) Training Hall, Abuja, under the theme: “Inspired by Nature. For Climate. For Our Future.”

Delivering an address on behalf of the Catholic Secretariat of Nigeria, the Deputy Secretary, Rev. Fr. Augustine Okochi, described care for the environment as a moral, spiritual and ethical responsibility rooted in Christian faith.

“Our concern for the environment is not a passing trend. It is part of our moral duty, our Christian witness, and our responsibility to future generations,” he said.

Fr. Okochi noted that climate change is already affecting communities through flooding, land degradation, water pollution, rising temperatures and declining livelihoods, with the poor, women, children and displaced persons bearing the greatest burden.

He commended Caritas Nigeria’s efforts in environmental awareness, tree planting, climate-smart agriculture and support for vulnerable communities, while urging families, schools, parishes and institutions to cultivate a culture of environmental stewardship.

Speaking at the event, Caritas Nigeria’s Environmental Focus President, Dr. Pascal Onu, stressed the importance of educating young people on environmental protection through debate and quiz competitions.

“We believe it is important to catch them young. When we imbibe the right environmental culture in our children, it goes a long way in protecting the environment,” he said.

Dr. Onu identified inadequate infrastructure, poor waste management systems and limited funding as major obstacles to environmental sustainability despite increasing public awareness of climate issues.

Also speaking, Director of the Department of Climate Change at the Federal Ministry of Environment, Dr. Iniobong Abiola-Awe, reaffirmed Nigeria’s commitment to climate action through initiatives such as the National Adaptation Plan, Nationally Determined Contributions (NDCs), the Just Transition Action Plan and the National Clean Cooking Policy.

She emphasized the role of young people in advancing climate solutions through programmes such as the Eco-Schools Initiative and the Youth Climate Innovation Hub.

In a goodwill message, the Abuja Environmental Protection Board (AEPB), represented by Chief Environmental Health Officer Omenta Rachael Chinenye, urged Nigerians to draw inspiration from nature in addressing environmental challenges and commended the active participation of students in climate debates.

Students at the event said the programme deepened their understanding of environmental protection, forest conservation and sustainable living, pledging to promote environmental responsibility in their schools and communities.

The event brought together religious leaders, government officials, environmental experts, students and development partners who renewed their commitment to building a cleaner, greener and more climate-resilient Nigeria.

Continue Reading

Trending