Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.
By Lawani Mikairu
Abuja—The Federal Government has said that it will accept Naira from airlines which owe it in Dollar transactions, adding that the decision to accept Naira instead of Dollars was taken last week by the government.
This revelation was made, yesterday by the Minister of State, Aviation, Hadi Sirika in an interview, in Abuja, before the stakeholders meeting on aviation.
He said that the decision was arrived at because of the current economic recession which has resulted in scarcity of foreign exchange, especially dollars.
He added that this was one of the ways the Federal Government could assist airlines operating in Nigeria from going under, adding that this was also one of the decisions the ministry will implement in the new year.
According to the minister, “For airlines that are operating within the country and domestically owned, we have the moral challenge to help them. Just last week, we took a decision that most of the airlines that are owing us in dollars which they do not have, not that they do not want to pay, maybe it will be good to take the Naira equivalent.”
He also said the government appreciate the difficult operative environment the airlines are confronted in. “I do know for a fact that it is difficult for them to operate. I am not sure if government on its own initiate those support services, but if any airline comes forward with the request and we feel that the request is in the interest of the industry, we will be the first to promote that request.”
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