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Business Nigerian Govt Threatened by Int'l Aviation Body Over Money Issue With Foreign Airlines


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The International Air Transport Association (IATA) has called on countries with tight currency exchange rate controls (countries like Nigeria) to release $5 billion worth of local ticket sales revenues owed to foreign airlines, or risk losing their services.

The association said airline revenues worth $5 billion were currently being blocked by countries, with Venezuela and Nigeria the biggest culprits, effectively withholding $3.78 billion and $591 million respectively. Sudan, Egypt and Angola are also blocking the repatriation of airlines' revenues.

"The efficient repatriation of revenues is critical for airlines to be able to play their role as a catalyst for economic activity," IATA's Director General Tony Tyler said in a statement on Thursday.

Currency controls in Venezuela have caused airlines difficulties for some time, with IATA saying the situation became critical in 2015, while in Nigeria, repatriation issues began in the second half of last year.

It's said that Lufthansa is unable to access $20 million of ticket revenues in Nigeria because of foreign exchange controls and could cut capacity if that amount grows.

IATA added that the Nigerian authorities were in talks with the airlines to seek possible measures to make the funds available.


Reuters
 

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