Nigerian Airlines to shut down operations as Jet A1 hits N714 per litre

The Airlines Operators of Nigeria (AON) on Tuesday, said the three major airlines would shut down operations due to the high cost of Jet A1, also known as aviation fuel which has hit N714 per litre.

The Vice President of Airlines Operators Nigeria, Allen Onyema, confirmed this while speaking at the Federal Airports Authority of Nigeria National Aviation Conference in Abuja.

He stated that “the Federal Government and the National Assembly have failed to resolve the crisis as the price of Jet A1 continues to skyrocket.

Onyema further said,  “If nothing is done concerning the cost of aviation fuel, the fuel crisis will take away three airlines in Nigeria in a few weeks,” He explained that even though the fuel crisis is not limited to Nigeria, it was made worse by the depreciating value of naira to the dollar exchange rate.

According to him, “Nigerian government had approved 10,000 metric tonnes of fuel for the airlines at N580 per litre in Lagos and about N607 per litre outside Lagos. He, however, said the carriers were yet to access it.
“This is not the only issue. Since the COVID-19 crisis, most airlines all over the world, including Nigeria have not recovered from COVID-19, except those whose countries have injected so many funds to assist them.
“This is nobody’s fault. It just happened. The government has tried its best by giving us this aviation fuel. This aviation fuel can take airlines out, not only in Nigeria but everywhere in the world.
“Some airlines outside Nigeria have closed down because of the effects of rising aviation fuel. If these things are not addressed in Nigeria, it can affect the bottom line of all airlines in Nigeria.”