CBN Extends Palliatives To Aviation Industry

by on July 7, 2020

The Central Bank of Nigeria, CBN, has said the opportunity given to business owners to access palliatives from the bank will be extended to the the Aviation Industry as well.

Minister of Aviation, Hadi Sirika who disclosed this in Abuja said his Ministry is working with CBN alongside the Ministry of Finance and National Planning to ensure they are able to cushion the effect of losses incurred due to the closure of the airports all through the period of the lockdown.

According to Sirika the aviation sector will now be able to access the two fold palliatives from the apex bank.

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 He said,“There are ones that we are organising through Central Bank of Nigeria CBN and that one is not for airlines alone. It is for the aviation industry, which includes travel agents, ground handling, catering, and of course, the agencies.

“So, the palliative is total. We are organising with CBN and it has been approved. They will apply for loan and the loan will be at five percent from 2021.

So, there is a template on how much they will apply for each business in aviation. So, everybody involved in the air economy is being looked out for in these palliatives”, he said.

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He further explained that the second form of palliative would be “the one coming from the government through the Ministry of Finance and National Planning”.

Although he noted that the latter is still being worked out and would be made known soon.

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