Chairman of Air Peace, Allen Onyema, has warned that more Nigerian airlines may shut down within days despite recent intervention measures approved by President Bola Tinubu to support the aviation sector.
Speaking during a television interview, Onyema commended the Federal Government for granting a 30 percent reprieve on debts owed by airlines to aviation agencies, describing the move as helpful and timely.
However, he stressed that the most pressing challenge facing airline operators remains the soaring cost of Jet A1 aviation fuel, which he said has pushed many carriers to the brink of collapse. According to Onyema, Jet A1 fuel previously sold for about ₦900 per litre but has now surged to between ₦2,700 and ₦2,900, with some suppliers charging as high as ₦3,500 per litre.
Also Read: Tinubu Approves Relief Measures for Airlines Amid Soaring Jet Fuel Prices
He said airlines are operating mainly to settle fuel expenses while also dealing with high interest rates, warning that continued pressure could force additional operators out of business.
The Air Peace chairman disclosed that at least two airlines were at risk of shutting down soon, adding that industry stakeholders urgently need direct engagement with President Tinubu. Earlier this week, the Federal Government approved debt relief and ordered talks among airlines, fuel marketers, and regulators to agree on fair pricing for aviation fuel.
Despite those measures, fresh operational disruptions linked to fuel shortages have already affected flight schedules across the country, deepening concerns over the stability of Nigeria’s aviation industry.
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