President Bola Tinubu, has directed the Central Bank of Nigeria (CBN) to create a platform for quarterly reconciliatory meetings with foreign airlines, towards settling accumulated trapped funds.
Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this in Abuja at the ongoing African Aviation Summit.
He noted that the development was one of the reasons President Tinubu travelled to the United Arab Emirates (UAE) to address.
He expressed his displeasure with the trapped funds of foreign airlines in Nigeria Before the Minister’s directive, foreign airlines had found it difficult to get their funds due to Nigeria’s foreign exchange (forex) policy.
Keyamo, while stating that he believes that a proactive approach is necessary to find a lasting solution to the issues, added that the Federal Government was also addressing the challenges associated with forex supply, which resulted in the huge sum of money being owed foreign airlines.
