• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, August 24, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

IATA: For First Time, Nigeria Excluded In Airlines’ $1.7bn Trapped Funds

by Yusuf Babalola
9 months ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

For the first time, Nigeria was not named as one of the countries with trapped funds as the International Air Transport Association (IATA) reported that $1.7 billion in airline funds are blocked from repatriation by governments as of the end of October 2024.

Advertisement

This is a small improvement compared to the $1.8 billion reported at the end of April. “Over the last six months, we have seen significant reductions in blocked funds in Pakistan, Bangladesh, Algeria and Ethiopia. At the same time, amounts are rising in the XAF /XOF zones and Mozambique.

“Bolivia has also emerged as a problem, where repatriating sales revenues is becoming increasingly difficult and unsustainable for airlines. This unfortunate game of ‘whack-a-mole’ is unacceptable.
Governments must remove all barriers for airlines to repatriate their revenues from ticket sales and other activities by international agreements and treaty obligations,” said IATA’s director general, Willie Walsh.

“No country wants to lose aviation connectivity, which drives economic prosperity. But if airlines cannot repatriate their revenues, they cannot be expected to provide a service. Economies will suffer if connectivity collapses. So, it is in everyone’s interest, including governments, to ensure that airlines can repatriate their funds smoothly,” said Walsh.

Nine countries account for 83 per cent the airline industry’s blocked funds, amounting to $1.43 billion.
They include Pakistan, XAF Zone, Bangladesh, Algeria, Lebanon, Mozambique, Angola, Eritrea and XOF Zone.

RELATED

PICTORIAL: Air Peace Gets 4th Boeing 777, Unveils New Intercontinental Routes

PICTORIAL: Air Peace Gets 4th Boeing 777, Unveils New Intercontinental Routes

10 hours ago
Three Crown Celebrates 2025 Mum Of The Year Campaign

Three Crown Celebrates 2025 Mum Of The Year Campaign

19 hours ago
ADVERTISEMENT

Recall that in June IATA confirmed that the Central Bank of Nigeria cleared foreign airlines trapped funds worth $831m from June last year to date. The Geneva, Switzerland-based IATA said the development had brought international airlines’ trapped funds globally to about $1.8bn.

The association representing international airlines said the remaining $19 million was awaiting the CBN verification through commercial banks.

According to IATA, from the peak of about $850 million foreign airlines’ funds in Nigeria last June, only $19 million is left outstanding.

ADVERTISEMENT

Pakistan continues to top the list of blocked funds countries at $311 million. This is an improvement from $411 million in April 2024. The main issue is the system of audit and tax exemption certificates which is causing long processing delays.

Bangladesh has seen the amount of blocked funds decrease to $196 million (from $320 million in April). The Central Bank needs to continue to prioritise airlines’ access to foreign exchange in line with international treaty obligations.

About $1 billion of airline money blocked from repatriation is in African countries. That is about 59 per cent of the global tally. Over the last six months, there were significant reductions in blocked funds in Algeria ($193 million from $286 million in April) and Ethiopia ($43 million from $149 million in April). At the same time, XAF Zone (+$84 million), Mozambique (+$84 million) and XOF Zone (+$73 million) contributed to the largest increases.

Bolivia is new to the list of blocked fund countries. A further deterioration in the availability of foreign exchange, particularly the US dollar, has resulted in an estimated $42 million in airline funds being blocked in the country.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: International Air Transport Association (IATA)
SendShare10173Tweet6358Share
ADVERTISEMENT
Previous Post

Ngor Okpala Youths Applaud Tinubu, Kalu Over Ogbede’s Appointment As SEDC Executive Director

Next Post

Nigeria Records 1,134,828 IDPs In 2023

Yusuf Babalola

Yusuf Babalola

You May Like

PICTORIAL: Air Peace Gets 4th Boeing 777, Unveils New Intercontinental Routes
Business

PICTORIAL: Air Peace Gets 4th Boeing 777, Unveils New Intercontinental Routes

2025/08/23
Three Crown Celebrates 2025 Mum Of The Year Campaign
Business

Three Crown Celebrates 2025 Mum Of The Year Campaign

2025/08/23
NGX Group Appoints Popoola As GMD/CEO
Business

Domestic Investors Dominate NGX Trades With N1.67trn In July

2025/08/23
FG Completes Repairs On Tin Can Port Access Road
Business

Customs Generates N16.4bn In Single Day At Tin Can Port

2025/08/23
Firm To Sustain Leadership, Youth Empowerment, Unlocks 6,000bpd  In Nigeria
Business

Firm To Sustain Leadership, Youth Empowerment, Unlocks 6,000bpd In Nigeria

2025/08/23
IMO Ready To Collaborate With NIMASA On Marítime Challenges – Scribe
Business

NIMASA Pledges Increased Monitoring, Enforcement On Vessels Over Marine Pollution

2025/08/23
Leadership Conference advertisement

LATEST

Remi Tinubu Empowers Lagos Families, Pledges Nationwide Elderly Support

Arsenal Thrash Leeds United 5-0 To Maintain Winning Streak

Katsina Gov’t Procures 8 New Armoured Vehicles To Combat Insecurity

Tinubu Mourns Ex-Plateau Military Gov Mana

Yoruba Nation Agitator Sunday Igboho Apologises To Ooni, Seeks Help To Get Name Off Security Watchlist

Police Arrest Armed Robbery, Car-snatching Syndicate In Abuja

Annual Confab: NBA President Leads Lawyers On 10km Health Walk In Enugu

Federal Gov’t Warns Kebbi, Niger, Kwara Residents To Leave Flood-prone Areas

‘You’re Collecting Salaries But Can’t Defend Gov’t,’ Oyebanji Slams ‘Disloyal Appointees’

Reps Query NERC, Others Over Disbursement Of N59bn National Metering Fund

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.