NewsForeign Airlines' Trapped Funds: NUATE Advises Crude Oil Swap Option

Foreign Airlines’ Trapped Funds: NUATE Advises Crude Oil Swap Option

August 23, (THEWILL) – Foremost aviation union in the country, the National Union of Air Transport Employees (NUATE), has described the foreign airlines trapped funds in Nigeria as a looming catastrophe, calling on the Minister of Aviation to prevail on the Federal Government to take extraordinary measures to resolve the quagmire.

Such measure to be taken, according to NUATE could include the use of crude oil swap to defray the backlog in the first instance.

The labour union also warned that the ugly situation of hundreds of millions of dollars earned by foreign airlines operating into Nigeria, but which they have been unable to repatriate due to Nigeria’s foreign exchange challenges has already been blown out by local and foreign media, bringing colossal collateral damage to Nigeria’s image.

NUATE in a letter, signed by the the General Secretary, Comrade Ocheme Aba, addressed to the Minister of Aviation, with the titled Foreign Airlines’ Trapped Dollars: A Looming Catastrophe -A Call For Extraordinary Action, made the call Tuesday.

They, therefore, stated that it’s important NUATE wade into the matter, being the trade union to which all workers in the foreign airlines belong.

They pointed out that their stake in this imbroglio is, without question, much higher than most other stakeholders.

In the letter, NUATE added that “First of all, knowing who you are convinces us that this unpleasant situation must have preoccupied you already, and that your office must already has been working very hard to find a workable solution.

“Secondly, being that you are, yourself, an aviation professional means that we need not bore you by enumerating the many dangers the continuation of this very adverse situation poses to the health of the aviation sector, the national economy, and Nigeria’s standing in the comity of nations.”

“However, we feel obliged to mention the threat to the employment and livelihood of thousands of workers of these foreign airlines should there result in further significant reductions, or outright shutdown, of operations of these airlines. We must also mention the concomitant losses (not excluding jobs) that would accrue to several service providers, who are dependent on, almost entirely, on the foreign airlines – ground handling, inflight catering, logistics, aviation security, etc. This, unfortunately, is already visible from the reductions of operations that have come into effect in the past weeks resulting from the impasse.”

They acknowledged current difficulties being experienced by the State with regard to the acute shortage of foreign exchange earnings.

Members of NUATE equally recognised that there are no straight fixes available, but warned that in view of the apparent calamity that will surely befall the nation if the situation is not ameliorated quickly enough, something needs to be done.

“Please, do not be cowered by the enormity of this, and other, problems presently mitigating the sector’s projected growth. We offer our hand of support, whatever that counts for, at this very trying time. We equally make ourselves available for any stakeholders meeting convened to address the matter. And we are hopeful that God helping, we shall overcome”, the union stated.

About the Author

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Anthony Awunor, is a business correspondent who holds a Bachelor of Arts Degree in Linguistics (UNILAG). He is also an alumnus of the Nigerian College of Aviation Technology (NCAT), Zaria Kaduna State. He lives in Lagos.

Anthony Awunor, THEWILLhttps://thewillnews.com
Anthony Awunor, is a business correspondent who holds a Bachelor of Arts Degree in Linguistics (UNILAG). He is also an alumnus of the Nigerian College of Aviation Technology (NCAT), Zaria Kaduna State. He lives in Lagos.

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