The approval means local carriers will now pay 30 per cent less of their outstanding obligations to the Federal Government.
Minister of Aviation and Aerospace Development, Festus Keyamo, says President Bola Tinubu has approved a 30 per cent reduction in debts owed by domestic airlines to aviation agencies.
The approval means local carriers will now pay 30 per cent less of their outstanding obligations to the Federal Government.
Keyamo disclosed this on Thursday night while speaking to journalists shortly after receiving a message from the Chief of Staff to the President, Femi Gbajabiamila.
The minister explained that the decision is part of efforts to ease financial pressure on the aviation sector amid rising operational costs, particularly aviation fuel.
He had earlier hinted that the government was considering some form of debt relief for airlines.
Although the total debt profile has not been officially disclosed, Keyamo said the obligations include parking charges owed to the Federal Airports Authority of Nigeria, navigational fees due to the Nigerian Airspace Management Agency, and other related aviation charges.
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