The National Association of Nigeria Travel Agencies (NANTA) has described the increment of ticket sales by foreign airlines as a ‘High Fares Pandemic’.
According to NANTA ,Foreign airlines have now resorted to selling tickets for economy class up to between N3 million and N4 million in a perceived retaliation of their inability to repatriate their trapped funds of over $465 million.
At a media briefing in Lagos on Thursday, President of the Association, Mrs. Susan Akporiaye said, an economy ticket of N300,000 is now sold for N1.5 million, N3 million and up to N4 million.
“In between these strangulating circumstances, the Airlines withdrew lower inventories across board, selling at the highest possible openings as a way to cushion their funds being trapped”.
Akporiaye who described this as unacceptable, exploitative and hostile to the survival of the Nigerian aviation downstream sector said, this is solely targeted at Nigeria and Nigerians, and this cannot be seen anywhere in Africa even in countries where they also have their funds being trapped.
“It is sad that Nigerians have to buy tickets to the tune of three to four million naira and be charged as high as one million naira to change travel dates even on tickets bought before this wahala began”.
“This is unacceptable, exploitative, and hostile to the survival of the Nigerian aviation downstream sector and to which we call for sanity and return to the best inventory practices and deployment”.
She stated that, their business is on the verge of total collapse and their staff with families and at this trying times, may be forced into the streets and therefore appealed to the foreign Airlines to pause and have a rethink on these unnecessary measures that they find exploitative; restore inventories across board and think of the good days when they flew in and out of Nigeria, enjoying the best patronage from the Nigerian flying public.
Akporiaye also disclosed that, the airlines are deeply pained as the recently released by the CBN has not even gotten to some of them while those who received 25% of the trapped funds were even short paid.
According to her, there is no transparency in the process and there are trust issues as the airlines are not really sure if the release is sincere by the government.
While stressing that, two wrongs don’t make a right, executive members of the Association, Mr. Yinka Folami, Vice President and the Treasurer, Dr. Dagunduro Olatokunbo said, it was wrong for the airlines to do this because of the issues of the trapped funds.
They seek the understanding of the airlines and government to come to an amicable solution in resolving this nagging issues of trapped funds.
“And to our Government, we appreciate the response to the release of some funds, but we urge Government as a matter of urgency to open further windows of engagement by calling for a meeting with all parties involved; to include CBN, Minister of Aviation, Minister of Finance, Foreign Airlines, NCAA, IATA and NANTA”.
About the Author
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.
