Revenue belonging to foreign airlines in Nigeria that is being withheld from repatriation as of July 2022 has risen to $464 million.
These blocked funds are ticket sales revenues that Nigeria is yet to remit to the airlines due to the paucity of foreign exchange.
The International Air Transportation Association (IATA) revealed this in a tweet on its official Twitter handle.
According to the association, the funds which stood at $450 million in May increased to $464 million in July showing a $14 million increase.
The federal government has attributed its inability to release the funds to the foreign exchange crisis.
The airlines have said the situation was making it more difficult to operate and invest in Nigeria as they are unable to harness revenue from their services.
IATA, therefore, urged the government to prioritise the release of funds before more damage is done, pointing out that failure to do so will affect Nigeria with reduced air connectivity.
