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Release $717.4m trapped funds to foreign airlines, Senate Urges CBN

Published

3 years ago

May 18, 2023

Charles Flames

287 Views

The central Bank of Nigeria on Wednesday has been asked to release trapped $717,478,606 airlines funds in the country.

The Senate made the call to CBN while also allocating the sum of $25 million to airlines operating in Nigeria at its fourth-nightly dollar auction.

These resolutions were reached sequel to the consideration of a motion titled, ‘Current Issues on airlines blocked funds in Nigeria’, sponsored by Sen. Biodun Olujimi (PDP-Ekiti) at the plenary in Abuja and chaired by the Senate Committee on Aviation.

The vice chairman of the committee, Sen. Bala Na’Allah (APC-Kebbi) presented the motion on behalf of Olujimi.

The upper chamber of the National Assembly also called on the Federal Government to urgently reverse the current trend of increasing airlines blocked funds in Nigeria.

It called on President Muhammadu Buhari to direct the CBN Governor, Godwin Emefiele, to pay up the blocked funds to the affected airlines.

The Senate further appealed to the airlines operating in the country not to withdraw their services, saying efforts were ongoing to resolve the issue.

Moving the motion, Na’Allah said since January 2021, Nigeria has been the most challenging country in the world for the airlines to repatriate their funds to support their operation.

In February, Nigeria alone accounted for 44 per cent of total airlines blocked funds in the entire world.

The total airlines blocked funds in Nigeria as of March amounted to $717.4 million comprising matured bids that the CBN was yet to deliver, bids yet to mature, and cash balances in airlines’ accounts for repatriation.

News

FG approves 6-month maternity leave for female lecturers without pay

The Minister of Education, Dr Tunji Alausa, disclosed this during the presentation of the renegotiated agreement between the Federal Government and ASUU.

Published

3 hours ago

January 16, 2026

OCHEFA

13 Views

Photo: Minister of Education, Dr Tunji Alausa (right), and Minister of State for Education

The Federal Government has announced that qualified female academic staff shall be entitled to a maternity Leave of six months as provided in the subsisting Public Service Rules,” Section 3.4(vii) reads.

The Minister of Education, Dr Tunji Alausa, disclosed this during the presentation of the renegotiated agreement between the Federal Government and ASUU.

He clarified that the Section 3.4 of the agreement, which focuses on ‘Non-salary conditions of service’, makes provision for six-month maternity leave as a fringe benefit.

Alausa described the agreement as a historic turning point that symbolises renewed trust, restored confidence and a firm commitment to uninterrupted academic calendars in Nigerian universities.

Alausa emphasised that the agreement reflects the resolve of President Bola Tinubu to prioritise education as the foundation of national development, noting that it marked the first time a sitting president took full ownership of the long-standing challenges confronting the university system.

News

Insurgency: Trump allocates N587bn to US Africa Command for military operations in Nigeria, others

The allocation is contained in the US National Defence Authorisation Act for Fiscal Year 2026. The funds were approved under Title XLIII – Operation and Maintenance.

Published

3 hours ago

January 16, 2026

OCHEFA

13 Views

The United States plans to spend N587 billion ($413.046 million) on counter-insurgency operations in Nigeria and other African countries in 2026 amid worsening security conditions across West Africa.

The allocation is contained in the US National Defence Authorisation Act for Fiscal Year 2026. The funds were approved under Title XLIII – Operation and Maintenance.

The security budget for the US Africa Command comes against the backdrop of the Christmas Day attacks on terrorists’ hideouts in Sokoto State by the Donald Trump administration.

On Tuesday, AFRICOM delivered a consignment of military equipment to Nigerian security agencies as part of ongoing efforts to strengthen security operations across the country.