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Senate Urges CBN And FG To Release $717m Held Funds To Foreign Airlines

The Nigeria Senate has called on the Central Bank of Nigeria and the federal government to release the trapped funds of foreign airlines, totaling $717 million.

The Senate’s request came as a result of a motion sponsored by Biodun Olujimi, the Chairman of the Aviation Committee.

Senator Bala Na’Allah, the Vice Chairman of the Aviation Committee, represented Olujimi and urged the CBN to allocate $25 million to airlines operating in Nigeria during its dollar auction.

The withholding of funds by the government and CBN has been criticized as detrimental to foreign direct investment, and the International Air Transport Association has previously warned of possible airline withdrawals due to trapped funds in Nigeria.

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