Foreign Airlines Trapped Funds Reached $743m – IATA

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The International Air Transport Association revealed on Tuesday that the trapped money of international airlines operating in Nigeria had increased by 12.39% to $743,721,097 in January 2023 from $662 million in the same month last year.

IATA pleaded with the minister to step in and see that Nigeria’s frozen airline finances were resolved.
Nigeria has had the biggest amount of airline-blocked cash in the world for more than a year.

Moreover, as of January 2023, blocked funding for airlines in Nigeria were $743.721.092, up from $662 million in January 2022 and $549 million in December 2022.

Fatokun noted that while underlining the socioeconomic effects of airline-blocked payments in Nigeria, the growing backlog of blocked funds from foreign airlines will impact negatively the foreign direct investment in the country.

Punch

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