The International Air Transport Association (IATA) has said airlines’ funds trapped in Nigeria has risen to $743 million from $662 million.
The blocked revenue, which stood at $549 million in December, rose to $662 million in January.
The updated amount is contained in a letter titled: “Special appeal on airlines’ blocked funds in Nigeria” signed by the Area Manager of West and Central Africa, Dr. Samson Fatokun, addressed to Aviation Minister Hadi Sirika.
According to the letter dated March 14, the IATA and the global airline community urged the minister to intervene to resolve the issue.
The letter also noted that some airlines have resolved to cut their flights to mitigate the impact of the backlog of their funds.
