FG Approves N5bn Bailout Funds For Nigerian Airlines Operators, Others

The Federal Government has approved N5bn bailout for airline operators and other business owners in the Nigerian aviation industry hit by the Covid- 19 pandemic.

The Minister of Aviation, Hadi Sirika announced this on Monday, during a public hearing before the senate.

Sirika appeared before the senate in respect of the repeal and the re-enactment of the laws establishing the Nigerian Civil Aviation Authority, Nigerian Airspace Management Agency, Accident Investigation Bureau, Nigerian College of Aviation Technology, Nigerian Meteorological Agency and the Federal Airports Authority of Nigeria.

The announcement comes after the Senate Committee on Aviation appealed for the government to bail out airlines which were badly hit by the pandemic.

The minister said the sector lost N20bn monthly to the Covid-19 induced lockdown which lasted over three months.

Sarika disclosed that sum of N4bn was approved for airline operators with additional N1bn for other business owners in the aviation sector.

The Nigerian aviation sector was the fastest growing sector in Nigeria in real GDP terms, as it rose 13.2 per cent  to N83.5bn in 2019, from N73.8bn recorded in 2018.

But the pandemic has threatened the growth of the sector after flights where suspended for months.