Tinubu gives CBN orders about Emirate, other foreign airlines over $600 million debt

President Bola Tinubu, on Thursday, September 14, 2023, ordered the Central Bank of Nigeria (CBN) to provide the opportunity for quarterly meetings with foreign airlines to address the backlog of trapped funds belonging to the airlines.

The move follows an assertion by Airbus, which predicted that Nigeria will need about 149 more aircraft by 2042 to meet the demands of international air travel.

Nigeria to need additional aircraft in 10 years

Airbus Representative in West Africa, Joep Ellers, recently revealed this during an interactive session with journalists in Abuja.

The International Air Transport Association (IATA) has condemned Nigeria over the many charges imposed on foreign airlines plying the country’s airspace.

According to the Minister of Aviation and Aerospace Development, Festus Keyamo, Tinubu’s directive was one of the reasons the President traveled to the United Arab Emirates.

BusinessDay reports that the minister also revealed three road map projects for the aviation industry, including an aircraft leasing firm, a maintenance, repair, and overhaul (MRO) facility, and five key areas to actualize Nigeria’s vision of becoming Africa’s best aviation hub.

Nigeria owes international airlines $600 million

Legit.ng has reported that Nigeria risks being boycotted by foreign airlines over the trapped funds.

IATA said the country is one the most indebted countries to foreign airlines in the world, with millions of dollars accruing to the airlines trapped with the CBN.

The apex bank has repeatedly said that the scarcity of forex is the reason for the trapped funds.

Emirates Airlines reportedly boycotted Nigeria’s airspace due to the trapped funds.