Connect with us

Policy & Regulation

FG releases N5billion aviation intervention fund

Published

on

FG releases N5billion aviation intervention fund

The Ministry of Aviation on Monday said the Federal Government has disbursed N5bn out of the N26bn approved as COVID-19 intervention fund for the aviation industry.

The Permanent Secretary, Federal Ministry of Aviation, Hassan Musa, made this known while speaking on the floor of the House of Representatives.

Addressing the House Committee on Aviation in Abuja, Musa stated that the intervention fund was meant for all stakeholders in the sector, including airlines and car hire operators.

According to him, the balance will be shared among government agencies and regulators and will serve as  palliatives for salaries.

The N27 billion bailout palliative was introduced by the Federal Government last year to cushion the effects of the Covid-19 lockdown and restriction in air travel on the industry.

It was reported that the Federal Government earlier shared the sum of N4 billion bailout funds among about 18 scheduled and non-scheduled local carriers, to cushion the effects of the COVID-19 pandemic while aviation service providers got N1 billion.

It was gathered that all airlines with valid Air Operating Certificates (AOCs) were given access to the fund, which was distributed according to the size of the carrier..

It was learnt that these parameters made some airlines that were deemed inoperative to be beneficiaries of the COVID-19 stimulus package.

Aero Contractors, Ibom Air, West Link, TAL Helicopters, and Aircraft Maintenance Organisations (AMOs) are some of the airlines that complained of missing out on the stimulus package.

Add your voice

0 comments

Advertisement Custom Text

People reading currently

Gates Foundation, UAE deploy $200 million for climate action, food systems innovation Gates Foundation, UAE deploy $200 million for climate action, food systems innovation
Agriculture3 months ago

Gates Foundation, UAE to deploy $200 million for climate action, food systems innovation

The fund will help smallholder farmers in sub-Saharan Africa and South Asia build resilience and adaptation to climate change. The...

Climate Finance Climate Finance
Dev. Finance3 months ago

Kenya, Nigeria named as targeted countries for climate-blended finance deals

Nigeria and Kenya have been identified as the most frequently targeted countries for climate-blended finance flows in the past three...

FuturizeU supports development of innovative healthcare products in Africa FuturizeU supports development of innovative healthcare products in Africa
Social Entreprenuership6 months ago

FuturizeU supports development of innovative healthcare products in Africa

Futurize and AstraZeneca are investing in social entrepreneurs who are developing innovative products that are addressing healthcare equity and early...

Banjul International Airport in Gambia Banjul International Airport in Gambia
Dev. Finance6 months ago

Saudi Fund for Development advocates Climate Change Mitigation, Social Infrastructure Investments in Africa

  The Saudi Fund for Development (SFD) has advocated for the preservation of heritage projects in Africa through initiatives such...

Catalyst Fund Team Catalyst Fund Team
Climate & Environment6 months ago

Catalyst Fund Raises First Round of $40 million investment in African Climate Startups

The Catalyst Fund has achieved the initial close of its $40 million fund for investing in climate startups in Africa....

Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad
Sports11 months ago

Paystack CEO, Shola Akinlade, buys majority stake in Aarhus Fremad

A Danish football club, Aarhus Fremad announced on Tuesday that it has sold  55 percent of its shares to the...

MRI is increasing survival rate of women with breast cancer- PPC MRI is increasing survival rate of women with breast cancer- PPC
Climate & Environment11 months ago

MRI is increasing survival rate of women with breast cancer- PPC

PPC Limited, Nigeria’s leading engineering and infrastructure development company with footprints across Nigeria’s healthcare landscape, says that the advancement of...

Adeleke versus Oyetola Adeleke versus Oyetola
Policy & Regulation11 months ago

Appeal court upholds Senator Ademola Adeleke’s win in Osun

The Court of Appeal Abuja has overturned the ruling of the Osun State Governorship tribunal and has declared Senator Ademola Adeleke...

Lawmaker demands revamp of bank e-payment platforms Lawmaker demands revamp of bank e-payment platforms
Dev. Finance11 months ago

Lawmaker demands revamp of bank e-payment platforms

The members of the House of Representatives have demanded that the Central Bank of Nigeria (CBN) direct banks to revamp...

CBN to destroy naira notes worth N6tn CBN to destroy naira notes worth N6tn
Economy11 months ago

We’ve disbursed N20bn to alleviate cash crunch, CBN tells NLC

The Central Bank of Nigeria (CBN) met with the leadership of the Nigeria Labour Congress (NLC) in Abuja on Thursday,...

Ad Blocker Detected!

Advertisements fund this website. Please disable your adblocking software or whitelist our website.
Thank You!

you're currently offline