FX Backlog Settlement: FG reportedly still owes foreign airlines about $29m

The federal government is reportedly still owing foreign airlines about $29 million despite the recent report of the Central Bank of Nigeria clearing all outstanding foreign exchange backlog.

However, this is contrary to reports that the monies owed by the federal government is $700 million.

According to Nigerian Tribune, the $29 million falls under the category of unverified debts which the affected airlines could not present to CBN during the reconciliation of their accounts.

It has however been revealed that it is only the commercial banks of the airlines that are still holding on to the monies of the airlines even when the CBN had prevailed on the commercial banks to release the funds.

The leadership of the National Association of Nigerian Travel Agents (NANTA), Mrs Susan Akporiaye, said though she was aware that the government had almost defrayed its backlog debts to the foreign carriers except the one that could not be properly verified, she however said any debts the airlines are talking about now must be the ones with the commercial banks.

While saying it is only the International Air Transport Association (IATA), the clearing house for over 300 airlines globally that can reveal the actual figure still being owed by Nigeria and its commercial banks, the $700 million being bandied about is not true.

When contacted to state the actual amount of the debts being owed to foreign carriers in Nigeria, IATA’s representative in West Africa, Dr Samson Fatokun declared: ”I can say categorically that it is no longer true. That figure ($700million) was valid 3 months ago. At times, the commercial banks are slower than the communique from the CBN.

We will ask the airlines to contact their banks today, Thursday and tomorrow and by Monday we will have a clearer position. Then we can respond to your enquiry based on verified data.”