The International Air Transport Association (IATA) has revealed that total trapped fund of foreign airlines in Africa stands at $1.1 billion with Nigeria holding $550 million.
The association’s president for Africa and Middle East, Mr. Kamil Ala Wadhi revealed this yesterday during a courtesy call on the chairman, house committee on aviation, Mr. Nnolim Nnaji.
The IATA representative acknowledged the concern of the national assembly toward finding solution to the member airlines’ blocked funds in Nigeria and appealed to the lawmakers to do more to ensure the release of the money.
“A total of $1.1 billion airlines’ funds are blocked and half…, $550 million is held in Nigeria.
“I do appreciate your interventions and l urge you to continue to do more so that it can be quickly resolved.”
Responding, Nnaji appealed to IATA to prevail on its member airlines to show understanding as the various organs of government were working to ensure their ticket proceeds are duly remitted.
He said the prevailing situation was in consonance with the global economic meltdown and assured that the federal government through the Central Bank of Nigeria (CBN) had put in place a mechanism for the liquidation of the blocked funds.
The legislator informed his guest that the Nigerian government had made tremendous investments in the aviation sector to improve security and safety of air transportation in the country.
