Forex Scarcity: Buhari regime advised to help repatriate foreign airlines’ ticket revenues

Aviation expert Bankole Bernard has urged President Muhammadu Buhari’s regime to urgently assist in the provision of foreign exchange to allow foreign airlines repatriate their unremitted ticket revenue.
Mr Bernard, Finchglow Holdings chair, stated this on the sideline of the 26th Annual Conference of League of Airports and Aviation Correspondents (LAAC) in Lagos on Sunday.
The International Air Transportation Association (IATA) Regional Vice President, Africa & Middle East, Kamil Al-Alawadhi, had said the amount of foreign airlines’ blocked funds in Nigeria estimated at $208 million in the third quarter in 2021 had risen to $283 million in the first quarter of 2022.
Mr Bernard noted that the effect of unremitted funds would not only affect the cost of airfares but the number of air travellers, cost of goods and rate of inflation in the country.
He urged Mr Buhari’s regime through the Central Bank of Nigeria (CBN) to address the issue of the funds as it affects aviation and other industries.
“On the issue of non-repatriation of funds by the foreign airlines, I think it is an issue that is flogged. I don’t think at this particular point in time we should still be talking about things like this,” he stated. “We need to go back to the drawing board and address this thing the way we had addressed it in the past.”
Mr Bernard added, “Remember two years ago, we had this kind of issue that even the funds got to an amount far higher than what it is now about $750 million. And here we are we are talking about $450 million that has been stocked as a result of CBN not providing funds.”
He suggested that the CBN should have given the airlines priority to enable them to repatriate their money.
“I honestly don’t understand what is happening at CBN but it really requires a lot of intervention, the government needs to address the issue,” he said.
On the effect of the high cost of aviation fuel, Mr Bernard said it would have a multiplier effect on the air fare, the number of passengers that would travel by air and the cost of goods in the market.
The expert further lamented that the rate of inflation would go up in Nigeria because the majority of the goods in the market were imported products.
“It is quite unfortunate but you know in our industry it is safety first. I want to believe that the regulator had to place safety over convenience which I absolutely agree with them. If the airlines need to undergo audits to ensure that the lives of citizens are protected I think it is worth it,” Mr Bernard further explained.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Africa
Envoy pledges robust engagement, collaboration between Nigeria, Benin
“We want to see better integration of our peoples and enhanced collaboration in terms of commerce that will facilitate trade across the borders,” she said.

NationWide
Lawmaker backs legislative bill on femicide
The bill seeks to prevent femicide in the country.

Lagos
Residents count losses as floods destroy homes, businesses in Lagos communities
Lagos residents count losses as rain floods homes across several communities in the state.

Lagos
Lagos police nab suspect over alleged N3 billion cyber fraud
Mr Ewhubare said the suspect was apprehended following an extensive investigation into a sophisticated cyber intrusion targeting a financial institution.

Africa
Xenophobia: Uganda repatriates 1,102 citizens from South Africa
The Ugandan embassy said, “The arrival marks the successful conclusion of phase one of the government of Uganda’s voluntary repatriation exercise.”

NationWide
CSOs urge assessment of National Assembly’s proposed electoral college for women legislators
“The proposal is unfamiliar to many stakeholders and understandably raises concerns, but we must carefully interrogate it instead of dismissing it outright,” he said.





