Trapped Funds: Tinubu Directs CBN To Hold Quarterly Meeting With Foreign Airlines

The Minister of Aviation and Aerospace Development, Festus Keyamo disclosed this on Wednesday, September 13, in Abuja at the 7th Aviation Summit.

Before the directive by the minister, foreign airlines had found it difficult to get their funds due to Nigeria’s foreign exchange policy.

Keyamo, while stating that he believes that a proactive approach is necessary to find a lasting solution to the issues, added that the federal government was also addressing the challenges associated with foreign exchange supply which resulted in the huge sum of money being owed foreign airlines.

He said: “The current administration is aware that one of the setbacks entrepreneurs have suffered in Nigeria in recent years is the fluctuation of foreign exchange and its availability.

“This administration is committed to ensuring that forex is readily available to entrepreneurs and I have directed that the Central Bank of Nigeria (CBN) hold quarterly reconciliation meetings with a view to resolving this issue.”

He also noted that President Bola Tinubu was in the United Arab Emirates a few days ago to resolve the issue of blocked funds, amongst other issues.

He also hinted that the federal government was willing to give tax breaks to interested investors in the aviation sector.

The minister said: “The current administration is open to providing tax holidays to encourage existing and new entrants into the Nigerian aviation sector.

“I wish to reiterate that my administration, will continue to sustain the support being given to the industry.”

Keyamo also unveiled three roadmap projects comprising Aerotropolis, Aircraft Leasing Company, and Maintenance, Repair and Overhaul facility.

In addition to the roadmap, he said he would focus on five areas to realize the country’s vision of making Nigeria the Aviation hub of Africa.