The import of kerosine-type jet fuel fell by 26.58 per cent to N358.08bn in the first nine months of 2023, underscoring foreign exchange scarcity in the aviation sector. In the first quarter of 2023, N70.16bn was spent on jet fuel, it increased to N143.96bn in Q2 and N143.96bn in Q3. In Q1, 2022 the amount spent on jet fuel was N292.56bn. Domestic airlines recently decried how lack of access to FX is affecting their business when they met with the new Minister of Aviation, Festus Keyamo. The spokesperson of AON, Prof Obiora Okonkwo, recently told The PUNCH, “The foreign exchange and aviation fuel costs were responsible for over 99 per cent of aviation components.”He added, “The actual or reasonable cost should be higher in the actual sense.

Source: Punch December 19, 2023 22:49 UTC