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World News March 24, 2023

Nigeria aims to release all funds from foreign airlines’ ticket sales-minister

On Thursday, Nigeria’s Aviation Minister Hadi Sirika announced that the country plans to release money from foreign airlines’ ticket sales that have been held up by dollar shortages. According to Sirika, Nigeria has already started making some payments to foreign airlines.

The dollar shortages in Nigeria have created challenges for citizens and businesses alike, as many have had to resort to the black market to acquire foreign exchange, further weakening the country’s naira currency.

Foreign airlines have also been affected, with some struggling to retrieve their earnings from ticket sales made in Nigerian naira. The International Air Transport Association (IATA) recently reported that Nigeria is withholding $743 million in revenue earned by international carriers, the highest amount owed by any nation.

Sirika did not give a specific timeline for releasing the trapped funds. However, he did mention that Qatar Airlines is owed $216 million while Emirates Airlines has already received most of its funds from Nigeria but is still waiting for the release of approximately $35 million.

Sources: CGTN

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