The International Air Transport Association (IATA) has declared Nigeria free from the list of indebted countries with trapped funds to foreign airlines.

According to IATA, Nigeria has paid 98 percent of the trapped funds to foreign airlines, adding that remaining $19 million is due to the Central Bank’s ongoing verification of outstanding forward claims filed by the commercial banks.

The Director General of IATA, Willie Walsh, declared that the payment of Nigeria’s debts has subsequently led to a 28% decrease in the amount of airline funds blocked from repatriation by governments.

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