Categories: Travel And ToursWorld

Emirates: IATA Slams FG, Says Failure To Restore $464M Airlines Repatriation Funds Will Hurt Nigerian Economy

The International Air Transport Association (IATA) has described the blockage of $464 million in repatriation money for basically foreign airline companies in July by the Nigerian Government as disappointing.

The group warned that if the money is not repatriated to the companies concerned, the Nigerian economy will suffer.

Advertisement

SaharaReporters earlier reported that Emirates Airline announced that it would suspend its flights to Nigeria from September 1 this year.

The proposed suspension of flights to Nigeria is connected to its failure to repatriate its trapped ticket sales fund in the West African country to its home country in the United Arab Emirates (UAE).

Advertisement

At least, $600 million belonging to over 20 foreign airlines has been blocked in Nigeria since the beginning of the year.

About two weeks ago, Emirates said that out of these funds, it had about $85 million in Nigeria.

Advertisement

On Monday, the airline cut its 11 weekly frequencies into Murtala Muhammed International Airport, Lagos to seven.

In a statement by its media consultant in Nigeria, the airline alleged that all efforts to repatriate the funds had been futile. It said it was compelled to suspend all flights into the country.

Advertisement

IATA, in a tweet on Thursday, said it is “disappointed that the amount of airline money blocked from repatriation by the #The Nigerian government grew to $464 million in July. #blockedfunds.”

“IATA’s many warnings that failure to restore timely repatriation will hurt Nigeria with reduced air connectivity are proving true with the withdrawal of @emirates from the market

Advertisement

“Airlines can’t be expected to fly if they can’t realize revenue from ticket sales. Loss of connectivity harms the economy, hurts investor confidence, impacts jobs and people’s lives,” it added.

“The Government of Nigeria needs to prioritize the release funds before more damage is done,” IATA said.

Advertisement
Sola Adeyemo

Recent Posts

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

53 minutes ago

Simon Ekpa Not Our Member, Should Not Be Associated With Us- IPOB

IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…

4 hours ago

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…

5 hours ago

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

7 hours ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

8 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

8 hours ago