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Airlines’ trapped funds: Tinubu asks CBN for quarterly payment plan

Nigerian President Bola Tinubu on Thursday ordered the Central Bank of Nigeria (CBN) to create a platform for quarterly reconciliation meetings with foreign airlines to address the backlog of trapped funds over $600 million.

The move comes as leading aircraft manufacturer Airbus Industries predicted that Nigeria’s domestic air traffic is set to increase by 5% annually for the next two decades.

The International Air Transport Association (IATA) has criticized Nigeria over multiple charges imposed on airlines operating there.

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Minister of Aviation and Aerospace Development Festus Keyamo, who disclosed the news of the reconciliatory meeting at the ongoing African Aviation Summit in Abuja, said it was one of the reasons President Tinubu travelled to the United Arab Emirates.

Keyamo also unveiled three roadmap projects, including an aircraft leasing company, a maintenance, repair, and overhaul (MRO) facility, and five focus areas to realize Nigeria’s vision of becoming an African aviation hub.