10 months ago
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The Nigerian Civil Aviation Authority has said it is working on tackling the incessant increase in the cost of airfares.
The Acting Director-General of NCAA, Chris Najomo, revealed this on Monday, adding that a committee that will work on the reduction of the fares has been set up.
Taking to his X handle, he tweeted, “It has come to the notice of this authority about the increase and high cost of airfare, especially on international travels.
“And the NCAA in the view of trying to make sure that these airfares are brought down, have decided to set up a high-powered committee, which will look at all the variances and how we can bring these fares down.
“We’ve met with the airlines and other stakeholders and other agencies. We will make sure that this is done.”
The authority’s statement is coming amid efforts by the government to settle repatriation owed to foreign airlines.
Data from the Central Bank of Nigeria had shown foreign airlines repatriated N795.48bn from Nigeria in six months.
Data from the apex bank’s Balance of Payment compilation revealed that airlines withdrew (as debits) $1.76bn (converted to naira at N451/$) in the first and second quarters of 2023. Total credit to the Balance of Payment account from airline travel was $19.39m (N8.75bn).
The amount on the debit side of the balance of payments includes how much was spent on tickets by passengers (N779.61bn), cargo ($10.22bn), and others (N5.65bn).
According to an explanatory note on the apex bank’s website titled, Note D, Balance of Payments is “defined as a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents.”
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