Skip to main content

Nigeria tops with $812.2m as airlines’ unrepatriated funds hit $2.27bn – IATA

Nigeria tops with $812.2m as airlines’ unrepatriated funds hit $2.27bn – IATA 


The International Air Transport Association (IATA) has revealed that Nigeria tops the list of countries in which airlines’ funds blocked from repatriation account for 68% worldwide.

IATA said the airlines’ funds blocked from repatriation increased from $1.55 billion in April 2022 to $2.27 billion in April 2023. 

The association warned that the rapidly rising levels of airline funds blocked from repatriation pose a danger to airline connectivity in the affected markets, as it said the increase amounted to 47%.

“Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets,” IATA’s Director-General Willie Walsh said in a statement.

He disclosed that governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation.

The air transport association listed the countries with the highest debts as Nigeria ($812.2 million), Bangladesh ($214.1 million), Algeria ($196.3 million), Pakistan ($188.2 million) and Lebanon ($141.2 million).

Walsh also ​​​​​urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate the funds arising from the sale of tickets, cargo space, and other activities.


Comments

Popular posts from this blog

Steer Clear from Tompolo's Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders

Steer Clear from Tompolo's  Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders  Niger Delta Human Rights Activist, comrade Daniel Ezekiel has berated ltsekiri leaders for calling on  the Federal Government to decentralize the pipeline security contract awarded to the Niger Delta living legend, High Chief Government Ekpemukpolo alias Tompolo. The activist in a statement to FocalPoint Reports, on Thursday, reacted with displeasure and strongly condemned Itsekiri leaders Who were led by Hon. Michael Diden to call for the decentralization of Tompolo's Surveillance contract, during a visit to High Chief Bibopere Ajube (Shoot-at-sight) at his Agadagba-Obon, residence in Ese-Odo Local Government Area of Ondo State,  Ezekiel Daniel described those who visited Bibopere Ajube as self-proclaimed Itsekiri leaders and their voices are nothing good but mere distractions and should not be taken seriously. He added that the statements m...

NMU Governing Council chairman seeks solutions to challenges facing varsity

NMU Governing Council chairman seeks solutions to challenges facing varsity The Acting Chairman of the Governing Council of the Nigerian Maritime University, Okerenkoko, Delta State,  Adewale Adeogun, has appealed for immediate action to address the pressing challenges facing the institution.   Adeogun, who spoke during the council meeting  in Warri, expressed deep concern over the university’s underdevelopment despite its six-year existence. Highlighting the urgent need for government intervention, Adeogun emphasised the importance of establishing a permanent campus and ensuring adequate funding.  He pointed out that the university’s progress has been hindered by the suspension of projects initiated by the Nigerian Maritime Administration and Safety Agency (NIMASA). “It is disheartening to see that despite being a specialised university, Nigerian Maritime University is still struggling to find its footing,” Adeogun stated. “We must work tirelessly to secure gov...

Retired police officers protest over unpaid pensions

Some retired police officers under the contributory pension scheme on Tuesday, May 21, protested at the National Assembly over alleged several months of unpaid pensions with a call on President Bola Tinubu to remove them from the scheme. The protesters decried the extreme challenges they endure, saying that the National Pension Commission (PENCOM) has failed to pay their entitlements for several months causing them and their families untold hardship. The aggrieved retired police officers also wrote a Save Our Soul (SOS) letter to the President of the Senate, Godswill Akpabio, calling for an urgent intervention. Speaking on behalf of the protesters, Chairman of the retirees, Christopher Effiong said many of their members have developed terminal illnesses and heart attacks as a result of the frustration associated with the scheme. In a letter dated May 21 and addressed to Senate President Godswill Akpabio, the retirees said many of their colleagues have lost their lives due to t...