Business
Naija: The rich spend $3b yearly on flight charter
The Flight charter service sub-sector of the Nigerian aviation industry, simply known as business aviation, is estimated to be worth about $3 billion annually, airlifting the economic and political movers and shakers of the society.
At the estimated revenue, the sub-sector is rapidly on increase as many top officials of the private sector and government officials now patronise private jets instead of scheduled commercial airlines.
THISDAY learnt that some top government officials at both the federal and state levels only travel with private jets, which they also use to move money both locally and international. It was gathered that many of the government officials see travelling in private jets as further improvement of their security.
Although many of the aircraft used for movement was offered by party members, it has been estimated that over N200 billion was spent on charter services by both All Progressive Congress (APC) and People Democratic Party (PDP) during the electioneering campaign at a return flight of $15,000 (N3,075,000).
It is estimated that private jets clock between 40 t0 50 hours of flights daily in Nigeria.
Unfortunately the country and Nigerians are not yet getting the benefits of private jet operation due to ineffective regulations because most cockpit crew that operate private jets in Nigeria are foreigners, while the private jet owners do not pay the right taxes to government because the jets were registered overseas.
NCAA is yet to enforce the new policy whereby aircraft registered as privately owned would not be used for charter services, while those used for such service should register as commercial so that they would be paying the right charges to government.
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