The CEO Aeroland Limited, Mr Segun Adewale has urged the Federal Government to expedite the repatriation of the $600 millon ticket revenue to foreign airline operators operating in the country.
Adewale, who is also the former Vce Chairman, National Association of Nigeria Travel Agencies (NANTA) made this known in a statement issued on Saturday in Lagos.
The Business Intelligence (TBI Africa) recalls that the Emirates Airlines on Thursday announced the suspension of its flight operations in Nigeria from Sept. 1,to inability to repatriate its funds from the country.
International carriers operating in Nigeria have repeatedly complained about their inability to repatriate funds to their home countries.
Blocked funds belonging to these airlines have risen to about $600m, as this is due to the inability of the Central Bank of Nigeria to make the United States dollar available for the carriers to repatriate.
Adewale said that the ticket sales, which accumulated since last year till July 2022 was allegedly blocked by the CBN from being repatriated to airline operators through the International Air Transport Association (IATA).
“The repatriation of revenues of all tickets sold to travellers by airline operators to their home offices is the responsibility of CBN but unfortunately they have refused to release equivalence in dollars for service already rendered.
“Hence, we have lost so many airlines and equally leading to loss of jobs and businesses in the travel agencies, airlines, those working at the airports and the entire aviation sector are not spared.
“The development is inimical to our economic wellbeing as a nation, from the spiritual angle of thought, it is wrong to muzzle the ox that threads the corn.
Adewale who was clearly piqued by the turn of event, raised a poser on why this moves on forex by Federal government did not affect importation of non-essentials.
The airline chief decried that the blocked funds had already led to reduction of air connectivity and restriction of flights ticket was in full swing.
He said giving the same forex to importers who import non-essentials products such as champagne, tooth picks are also approved to thousands of Nigeria to travel on the same foreign airlines.
According to him, this airlines are denied monies already earned for rendering flight services.
Adewale said, “Transportation is essential, if foreign airlines suspend flight operations, businesses will be shifted to neighbouring countries like Ghana and Benin Republic.
“The issue is so difficult for the operators, who now borrowed forex from their home office abroad to fuel their airplanes.
“With the increase in dollar rate leading to rise of flight ticket prices, especially enroute American and Dubai, which is now over a million naira, the environment is getting hostile more and more for business to thrive.”
He, therefore, appeal to the Minister of Aviation, Finance and most especially the CBN Governor to do the needful and ensure release of forex
