Home Business N5bn Bailout Fund Underway For Aviation Sector, Says  Minister

N5bn Bailout Fund Underway For Aviation Sector, Says  Minister

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There is a strong indication that the federal government would soon start disbursing the approved bailout fund of N5billion to operators in the aviation sector, which is intended to ameliorate the harsh realities of the COVID-19 pandemic on their business operations.

The disclosure was made by the Minister of Aviation, Senator Hadi Sirika, to the key stakeholders, during the ongoing three-day public hearing to repeal and enact Acts of the Nigerian Civil Aviation Authority (NCAA), the Nigerian Airspace Management Agency (NAMA), Accident Investigation Bureau (AIB), Nigerian College of Aviation Technology (NCAT), Nigerian Meteorological Agency (NIMET), and that of the Federal Airports Authority of Nigeria (FAAN).

According to the Minister, out of the N5 billion bailout fund, N4 billion would go the domestic airlines, while the balance of N1 billion will be fairly shared amongst other agencies and other relevant aviation companies that were severely affected by the pandemic.

According to the Chairman, Senate Committee on Aviation, Senator Adeyemi Smart, he considers the bail-out fund as too small to cushion the effects the pandemic had on the operators’ businesses and requested the FG to magnanimously review to a more reasonable amount, that would be sufficient to bail the operators out.

In his words, “N4 billion is very little to solve some of the problems of the airlines, who are battling to survive. We urge the government to take charge of the sector. They need to give them more and they also need to support in all ways.”

 

 

 

 

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