The Federal Government has stepped in to address rising concerns in Nigeria’s aviation sector, approving a 30% debt discount for domestic airlines and initiating talks to stabilise the soaring cost of Jet A1 fuel.
Minister of Aviation and Aerospace Development, Festus Keyamo, announced the intervention after a high-level meeting with airline operators, oil marketers, and regulators in Abuja.
The move follows threats by airlines to suspend operations or hike fares due to escalating fuel costs.
Keyamo disclosed that President Bola Tinubu approved the debt relief to ease financial pressure on operators.
Stakeholders also agreed to hold a technical session within 48 to 72 hours to establish a fair pricing framework for Jet A1 fuel.
Airline operators warned that the situation is critical. Air Peace Chairman, Allen Onyema, said airlines could shut down within days if prices remain unchecked, noting that fuel costs in Nigeria have surged disproportionately compared to global trends.
Operators also accused some marketers of exploiting the system through artificial scarcity and inflated pricing.
Meanwhile, the Dangote Petroleum Refinery continues to play a key role in supply, reportedly meeting over 95% of domestic Jet A1 demand and exporting significant volumes internationally.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) assured that it would work with stakeholders to review pricing structures and ensure stability in the sector.
