COVID-19: FG APPROVES N5BN BAILOUT FUNDS FOR AIRLINE OPERATORS, OTHERS
The Federal Government has approved the sum of N5 billion as a bailout fund for airline operators and other business owners in the aviation sector to cushion the effects of COVID-19 on Nigeria's aviation industry.
The Minister of Aviation, Hadi Sirika, disclosed this on Monday, November 2.
The Minister said the sum of N4 billion has been approved as a bailout for airline operators and an additional N1 billion for other business owners in the aviation sector.
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Sirika said the Government’s decision to offer the bailout is based on recognition of the important role of the aviation sector to the country's economy.
The Minister made the announcement when he appeared at the Senate for a public hearing in respect of the repeal and the reenactment of the laws establishing the Nigerian Civil Aviation Authority (NCAA), Nigerian Airspace Management Agency (NAMA), Accident Investigation Bureau (AIB), Nigerian College of Aviation Technology (NCAT), Nigerian Meteorological Agency (NIMET) and the Federal Airports Authority of Nigeria (FAAN).
The announcement comes after the Senate Committee on Aviation asked the Federal Government to bail out airlines to cushion the effect of COVID-19.
However, the Chairman of the Senate committee on aviation, Senator Smart Adeyemi said the amount for the proposed bailout is inadequate for airlines who are battling to survive.
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