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Reps Appeals To Foreign Airlines As Trapped Aviation Fund Nears $500m

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The Lower Chamber of the National Assembly has appealed to foreign airlines to make affordable airfare layers available to the Nigerian market, as it pledges to find a solution to the stranded fund is now close to $500m.

The House of Representatives, led by its Speaker, Femi Gbajabiamila, also summoned the Ministry of Aviation and the Central Bank of Nigeria (CBN) to another stakeholders meeting scheduled for Thursday as part of measures to release trapped airlines’ funds in the country.

Meeting with the foreign airlines, International Air Transport Association (IATA), Airline Operators of Nigeria (AON) and travel agencies, on the trapped fund, Gbajabiamila noted that the inability of foreign airlines to repatriate funds has led to harsh consequences from the airlines.

However, going forward, he said: “We need a two-way solution to this. On our part, we will find a way, by intervention or others, to have the funds released. While we are looking for that solution, I will also request the foreign airlines to exercise good faith by returning to the status quo.

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