The International Air Transport Association has warned President Muhammadu Buhari of dire consequences as his regime continues withholding foreign airlines’ revenues amounting to $464 million.

“IATA is disappointed that the amount of airline money blocked from repatriation by the #Nigerian government grew to $464 million in July. #blockedfunds,” the association said on Twitter. 

The IATA urged Mr Buhari’s regime to prioritise the release of the funds before more damage is done, noting that the failure to do so will affect Nigeria’s access to its services.

“Airlines can’t be expected to fly if they can’t realise revenue from ticket sales. Loss of connectivity harms the economy, hurts investor confidence, impacts jobs and people’s lives,” the global airlines association said. 

IATA’s statement followed Emirates Airlines’ announcing a suspension of all flights to and from Nigeria after several failed attempts by the foreign airline to recover $85 million in trapped funds.

In July, Emirates announced a reduction in flight operations to Nigeria from August 15, with the airline’s DSVP International Affairs Majid Al Mualla stating that the airline had tried to work with the Central Bank of Nigeria to find a solution.

In June, IATA revealed that Nigeria was withholding $450 million in revenue international carriers operating in the country have earned.

Kamal Al Awadhi, the association’s vice president for Africa and the Middle East, described the negotiations with Nigerian officials to return the monies as a tense ride that could potentially damage the country’s economy.

Nigeria’s move to withhold the airlines’ earnings came after the restrictions on access to foreign currency against investors seeking to repatriate their profits as the nation tackles a severe dollar shortage.