The Airline Operators of Nigeria have expressed deep concern regarding the escalating cost of operations, amidst the surge in aviation fuel prices exceeding N1300.
This was disclosed in a statement on Friday by the Spokesman of Airline Operators of Nigeria, Obiora Okonkwo.
Okonkwo in the statement stressed the critical need for immediate government intervention to prevent the collapse of numerous airlines.
The airlines said that the fluctuation in forex rates and the soaring cost of aviation fuel at N1,300 per litre have disrupted operational planning and stability within the aviation sector.
Okonkwo, who also chairs United Nigeria Airlines, explained that the unforeseen increase in aviation fuel prices from N700 per litre and the rise in the exchange rate to N1400/$1 have resulted in significant losses for airlines.
he claimed that passengers who purchased tickets well in advance under previous rates are now being airlifted at the current higher costs, further impacting the airlines’ loss in the revenue stream.
Okonkwo also noted that numerous businesses in Nigeria are experiencing low returns, leading to a decline in the number of essential passengers travelling during both peak and off-peak seasons. As a result, the airlines struggle to maintain adequate load factors to support their operations during the current low season, as there are fewer travellers for tourism and social engagements.
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