Out of the N465 million owing to international airlines operating in the nation, the federal government has not yet paid the pledged sum of $265 million in full to cover unpaid ticket sales.
The Central Bank of Nigeria (CBN) announced that it has issued $265 million to domestic airlines; to settle unpaid ticket sales in an effort to halt a crisis that is developing in the country’s aviation industry.
According to a breakdown of the amount, $230 million was issued as a special FX intervention; and another $35 million was released via an auction for Retail Secondary Market Intervention Schemes (SMIS).
However, less than half of the $265 million that was expected to be distributed to airlines has been released two weeks later; and several airlines still haven’t gotten their money.