ABUJA, April 24 – Nigerian President Bola Tinubu has approved a 30% relief on debts owed by local airlines to aviation agencies, while also directing urgent negotiations to address the sharp rise in jet fuel prices.
According to Festus Keyamo, the government has ordered stakeholders including airlines, fuel marketers, and regulators to convene within 48 to 72 hours to agree on what he described as “fair and reasonable” pricing for jet fuel. The outcome of the discussions will be made public.
The intervention comes as domestic airlines warn that continued operations are becoming unsustainable without significant fare increases. Jet fuel prices have surged by nearly 300%, placing intense pressure on operating costs and threatening the viability of the sector.
The crisis reflects broader global disruptions in energy markets, largely driven by geopolitical tensions linked to the Iran war. These disruptions have sent fuel costs soaring worldwide, forcing airlines to reassess expansion plans, adjust pricing strategies, and, in some cases, scale back operations.
Nigeria’s move aims to cushion the immediate financial burden on airlines while creating a more stable pricing framework for aviation fuel, a critical input that directly affects ticket prices, connectivity, and the overall health of the aviation industry.