By Adedapo Adesanya

President Bola Tinubu has approved a 30 per cent relief ​on debts owed by local ‌airlines to aviation agencies and ordered talks involving fuel marketers, airlines, and ​regulators to reach a ​fair jet fuel price.

He had earlier agreed in principle ​to write off part of domestic ‌airlines’ debts to aviation agencies following successful talks with the Airline Operators of Nigeria (AON).

The group demanded a total waiver of debts owed to aviation agencies to cushion the effect of a 300 per cent increase in aviation fuel prices during a crucial high-level meeting with the Minister of Aviation and Aerospace Development, Mr Festus Keyamo and other critical stakeholders in Abuja.

Recall that the airlines had called off their impending strike due to commence on Monday over the rising cost of operations, particularly for fuel, triggered by the current Middle East crisis.

In an update on Thursday, Mr Keyamo said President Tinubu had approved the 30 per cent write‑off ​and tasked stakeholders, including fuel marketers, government representatives, airlines, and ​regulators, to reach a ​fair jet fuel price by Sunday.

Also, the federal government agreed to set up a committee to ​review taxes, levies and fees charged ​on domestic air tickets, to recommend cuts to ease ‌pressure ⁠on airlines and passengers.

Engagements among representatives from government, ​airlines, fuel marketers, and regulators will continue to agree on what the minister described as “fair and reasonable” pricing for jet fuel, ​with any ​outcome ⁠to be made public.

The cost of fuel has generally risen in the last two months due to the escalating war with Iran by the US and Israel, which has triggered one of the most severe energy shocks in decades. Oil prices are currently above $100 per barrel as markets react to escalating tensions and the risk of prolonged disruption.

At the centre of the crisis is the Strait of Hormuz, a chokepoint through which roughly one-fifth of global oil supply flows. With shipping constrained, the effects are cascading across the global economy, raising fuel costs, fueling inflation, and increasing the risk of economic slowdown across many economies. This is forcing airlines to raise fares, curb ⁠growth ​plans and rethink forecasts.

By Adedapo Adesanya

Nigeria has received a 91.4 per cent aviation safety rating following the latest assessment by the International Civil Aviation Organisation (ICAO) Coordinated Validation Mission (ICVM), marking one of its strongest performances in recent years.

This was disclosed by the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, who announced the development on Wednesday at his office in Abuja, describing it as one of the highest safety ratings Nigeria has achieved under ICAO evaluations since 1960.

He explained that the outcome follows a comprehensive audit in which all aviation agencies and airlines operating in the country were assessed and certified safe based on the findings of the ICAO visiting team.

Speaking further, Mr Keyamo attributed the success to President Tinubu’s deliberate policy and support for the aviation industry.

The ICVM team concluded its on-site safety oversight audit in Nigeria on Wednesday after beginning its review last week.

The exercise was carried out as a follow-up to the ICAO Universal Safety Oversight Audit Programme (USOAP), conducted between August and September 2023.

Mr Keyamo had on Wednesday disclosed key federal government interventions aimed at reducing the financial pressure on airlines following rising concerns over the cost of Jet A1 fuel and the threat of service disruptions in the aviation sector.

Mr Keyamo stated that President Bola Tinubu had approved a generous discount on certain outstanding fees owed to the government by airline operators after they threatened to shut down over a 300 per cent surge in jet fuel price

He explained that the decision is part of efforts to provide immediate relief to the sector and prevent a breakdown in air transport services.

By Adedapo Adesanya

President Bola Tinubu has agreed in principle ​to write off part of domestic ‌airlines’ debts to aviation agencies following successful talks with the Airline Operators of Nigeria (AON).

The group demanded a total waiver of debts owed to aviation agencies to cushion the effect of a 300 per cent increase in aviation fuel prices during a crucial high-level meeting with the Minister of Aviation and Aerospace Development, Mr Festus Keyamo and other critical stakeholders in Abuja on Wednesday.

Recall that the airlines had called off their impending strike due to commence on Monday over the rising cost of operations, particularly for fuel, triggered by the current Middle East crisis.

Mr Keyamo said President Tinubu asked for ⁠a formal request to be submitted ​immediately, with the percentage of the write‑off ​to be determined by him.

Also, the federal government will set up a committee to ​review taxes, levies and fees charged ​on domestic air tickets, to recommend cuts to ease ‌pressure ⁠on airlines and passengers.

Speaking at the meeting, the chairman of Air Peace, Mr Allen Onyema, who spoke on behalf of airline operators, said airlines were “bleeding” financially due to the disproportionate hike in fuel costs, which he said had risen by about 300 per cent compared to global crude oil price movements.

According to him, “We are asking for a total waiver of all debts owed to aviation agencies. The airlines are under severe strain and cannot continue to borrow just to pay for fuel while neglecting critical obligations like maintenance.”

He explained that the threat to suspend operations was not a bargaining tactic but a reflection of the dire financial realities facing operators.

According to him, airlines had reached a breaking point where continued operations would compromise safety and sustainability.

Mr Onyema also called for urgent reforms in access to financing, noting that high interest rates—often above 30 per cent in Nigeria—were crippling airline operations, compared to single-digit rates obtainable globally.

On his part, Minister Keyamo confirmed that the federal government had stepped in swiftly to prevent disruption to air travel, following the operators’ warning.

He said that he had briefed President Bola Tinubu ahead of the meeting and secured presidential backing for immediate intervention.

Mr Keyamo said the president had directed that the formal requests from the airlines be submitted urgently, particularly regarding debt relief.

Meanwhile, the permanent secretary, Ministry of Petroleum Resources (Oil), Mrs Patience Oyekunle, said engagements with fuel marketers would continue, with a follow-up meeting scheduled to address pricing concerns and seek clarity on the steep increase.