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IATA hails Nigeria for clearing 98% of airlines’ trapped funds
The International Air Transport Association (IATA) has hailed the Nigerian government for clearing 98 per cent of airlines trapped funds in the country, which the carriers had hitherto been able to repatriate.
The Director-General of IATA, Mr Willie Walsh, gave the commendation in a statement on Sunday.
According to Walsh, as of June 2023, Nigeria’s blocked funds amounted to 850 million dollars, which significantly affected airline operations and finances in the country.
He said the 98 per cent amounted to 831 million dollars paid, while the remaining two per cent amounted to 19 million dollars.
“At its peak in June 2023, Nigeria’s blocked funds amounted to 850 million dollars, significantly affecting airline operations and finances in the country.
“Carriers faced difficulties in repatriating revenues in U.S. dollars, and the high volume of blocked funds led some airlines to reduce their operations and one carrier to temporarily cease operations to Nigeria, which severely impacted the country’s aviation industry.
“However, as of April 2024, 98 per cent of these funds have been cleared. The remaining 19 million dollars is due to the Central Bank of Nigeria’s ongoing verification of outstanding forward claims filed by the commercial banks.
“We commend the new Nigerian government and the CBN for their efforts to resolve this issue.
“Individual Nigerians and the economy will all benefit from reliable air connectivity for which access to revenues is critical,” Walsh said.
The IATA boss, therefore, urged the government to clear the residual 19 million dollars and continue prioritising aviation.
Walsh also said there was a 28 per cent decrease in the amount of airline funds blocked from repatriation by governments.
According to him, the total blocked funds at the end of April stood at approximately 1.8 billion, a reduction of 708 million dollars (28 per cent) since December 2023.
“The reduction in blocked funds is a positive development. The remaining 1.8 billion dollars, however, is significant and must be urgently addressed.
“The efficient repatriation of airline revenues is guaranteed in bilateral agreements.
“Even more importantly, it is a pre-requisite for airlines, who operate on thin margins, to be able to provide economically critical connectivity.
“No business can operate long-term without access to rightfully earned revenues,” Walsh said.
He added that the main driver of the reduction was a significant clearance of funds blocked in Nigeria.
Walsh said that Egypt also approved clearance of its significant accumulation of blocked funds.
He said, however, that in both cases, airlines were adversely affected by the devaluation of the Egyptian Pound and the Nigerian Naira.
Specifically, eight countries accounted for 87 per cent of the total blocked funds, amounting to 1.6 billion dollars.
The countries are; Pakistan, 411 million dollars for 40 months; Bangladesh, 320 million dollars for 40 months; Algeria, 286 million dollars for 37 months; XAF Zone, 151 million dollars for 50 months.
Also, Ethiopia, 149 million dollars for 58 months; Lebanon, 129 million dollars for 52 months; Eritrea, 75 million dollars for 116 months and Zimbabwe, 69 million dollars for 84 months.
IATA, still, urged governments to remove all barriers to airlines repatriating their revenues from ticket sales and other activities in accordance with international agreements and treaty obligations. (NAN)
The Association of Scavengers, Scrap Dealers, and Recyclers, Abuja, has publicly dissociated itself from a Federal High Court suit filed by unregistered scavengers and beggars against the Federal Capital Territory (FCT) Minister, Nyesom Wike.
In a statement issued in Abuja, the association’s chairman, Mallam Muntari Mohammed, clarified that the group is a duly registered body, with members holding valid identity cards and engaging in legitimate waste management, scrap trading, and recycling businesses.
He stressed that the association has always complied with the FCT Administration’s rules and regulations, maintaining a clean record.
Muntari noted that the association had formally written to the Department of State Services (DSS) and other relevant agencies to affirm its commitment to safeguarding critical infrastructure and adhering to stipulated guidelines.
He distanced the group from unregistered scavengers, whom he accused of tarnishing the reputation of legitimate operators through theft and other illicit activities.
The chairman addressed the FCT Minister’s recent ban on scavenging, which stemmed from misunderstandings about the distinction between honest scavengers and rogue elements.
“We have never confronted the FCT authorities and will never do so,” Muntari said, emphatically dissociating the association from the court case against Wike.
The Vatican has confirmed that only one round of voting will take place this Wednesday afternoon as the conclave to elect the next pope officially gets underway.
Cardinals from around the world gathered earlier Wednesday in the Sistine Chapel, where they took a sacred oath of secrecy before the chapel doors were ceremonially closed with the Latin phrase “extra omnes,” meaning “everyone out.” The papal master of ceremonies then declared the start of the conclave, invoking a centuries-old tradition whose name comes from the Latin cum clave, meaning “locked with key.”
Wednesday’s solitary ballot marked the opening step in the process to choose the new leader of the world’s 1.3 billion Catholics. Should the vote prove inconclusive requiring a two-thirds majority to elect a new pope, cardinals will resume the process on Thursday, casting up to four ballots daily until consensus is reached.
Each cardinal votes by writing “Eligo in Summum Pontificem” (“I elect as Supreme Pontiff”) on a paper ballot, followed by the name of their chosen candidate. In a quiet and orderly procession, they approach the silver and gilded urn in order of seniority to place their ballots.
As the final vote is cast, the tension rises in St. Peter’s Square, where the faithful and millions watching around the globe await the first sign of smoke from the Sistine Chapel’s chimney. Black smoke will indicate that no decision has been made; white smoke will proclaim that a new pope has been elected.
The last two conclaves, in 2005 and 2013, ended on the second day, with Pope Benedict XVI and Pope Francis elected after a series of swift ballots, respectively.
As the doors remain closed and Vatican cameras withdraw, the world waits in hushed anticipation for the next chapter in the history of the Catholic Church to be written.
Governor Hyacinth Alia will not honour the House of Representatives Committee invitation scheduled for Thursday, May 8.
The governor’s Chief Press Secretary, Mr Tersoo Kula, confirmed this to journalists on Wednesday in Makurdi.
The House had summoned the governors of Benue and Zamfara, alongside their Assembly leadership.
Kula stated that the invitation is unconstitutional and the governor will not comply with it.
He explained that Alia has filed a case at the Supreme Court challenging the lawmakers’ invitation.
“Yesterday, the Benue Assembly passed a resolution rejecting the Reps Committee invitation.
“They believe the invitation is based on ignorance and have decided not to attend. They will also challenge it in court,” he said.
Kula added that the governor, independently, has approached the Supreme Court to challenge the invitation’s legality.
He said: “Since the matter is in court, I will not speak further on it.”
Kula also claimed that the civil society group behind the petition is faceless and unregistered.
According to him, the address on the group’s letterhead is fake and lacks credibility.
He said there is a coordinated campaign of misinformation and sponsored protests aimed at destabilising Benue.
In recent weeks, he noted, there have been protests in Abuja allegedly representing Benue people’s concerns.
“These protests aim to provoke a state of emergency in Benue by portraying it in a negative light,” he said.
He claimed the organisers seek to undermine progress and return to a failed political order.
“Their ultimate goal is to create chaos for selfish political gain,” Kula added.
He accused the protest sponsors of trying to remove the governor through disruptive means.
“They will not succeed. Benue people stand firmly with their governor,” he said.
He assured the public that Benue remains peaceful and the government is functioning effectively.
“Governor Alia is committed to fulfilling his mandate and addressing the state’s challenges,” he said. (NAN)