The House of Representative Committee on Aviation is canvassing a N500bn bailout-fund for domestic Airline operators in Nigeria.
At a newsbriefing in Abuja on Monday, the committee said this was necessary if the sector is not to collapse due to pressure brought on it by the fallout of COVID 19 pandemic and decayed infrastructure.
According to it, the rippling effects of the Aviation Industry on positive economic growth cannot be overemphasised and as such should not be allowed to go under.
The committee which maintained that Federal Government’s initial N4 billion bailout to airlines,yet to be released, is grossly inadequate considering that all its requirements, soft and hardware, are off-shore based, requiring hard currencies to procure.
Chairman of the Aviation Committee, Rep. Nnolim Nnaiji disclosed that the just concluded public hearing on the amendment Bills for the review of some aspects of the civil aviation Acts brought to fore, the impending crisis in the aviation industry.
He observed that the industry is in dire need of urgent intervention to save it from imminent collapse and urged government at the centre to inject funds into the sector to ensure the survival of domestic Airlines.
The Committee said the Airlines listed challenges crippling their operations to include Non implementation of the Executive Order on Zero Customs Duty, Zero VAT on Importation of Commercial Aircraft and Aircraft Spare Parts, Inability to Access Forex among others.
The committee further called on government to inline with international best standard inject funds into the sector to ensure that the critical sector remained buoyant. ## ENDS.