The Nigerian Civil Aviation Authority (NCAA) has announced measures to tackle the continuous surge in airfare costs. The Acting Director-General, Chris Najomo, stated on Monday that a committee has been established to address the issue.
Addressing the matter on social media, Najomo 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 an effort to bring down these airfares, has decided to set up a high-powered committee to examine the various factors and find ways to reduce the fares.
The authority’s statement comes amidst the government’s efforts to settle repatriation owed to foreign airlines. Data from the Central Bank of Nigeria revealed that in six months, foreign airlines repatriated N795.48bn from Nigeria. The Balance of Payment compilation indicated that airlines withdrew $1.76bn (converted to naira at N451/$) 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 data also disclosed that the debit side of the balance of payments included expenses on tickets by passengers (N779.61bn), cargo ($10.22bn), and other costs (N5.65bn).
According to an explanatory note on the apex bank’s website, 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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