The Federal Government on Tuesday provided a breakdown of how the new national carrier, Nigeria Air, would be funded, stating that it would provide $55m upfront grant in order to ensure the take-off of the airline this year.

The government also stated that it was not paying $300m for five per cent stake in the airline, adding that $300m was the entire cash flow funding requirement of the carrier for a three-year period.

Responding to social media questions raised about the national carrier, which was unveiled last week in London, the Minister of State for Aviation, Hadi Sirika, explained that the funding requirements for the airline were in stages.

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FG’ll provide $55m upfront grant for Nigeria Air –Sirika http://www.sanwomi.com/2018/07/fgll-provide-55m-upfront-grant-for.html