FG increases capital bases for airlines
From KABIRU YUSUF, Abuja

FEDERAL Government announced the new minimum share capital Base for Airlines operators in the country with domestic operation will now attract N500million, regional N1billion and International N2billion respectively.
Revealing this after the weekly Federal executive Council meeting, the minister of state Transport in charge of Aviation sector, Chief .Femi Fani Kayode explained that the decision of the federal government is ensure safety to both passengers and the industry.
According to the minister all Airlines operators are expected to pay up the new fees by April this year or ban from operation adding that the policy intend to enable Airliners to buy new Air crafts.
The minister who reaffirmed government commitment to the safety of as well as to enhance Aviation sector, further said government is seriously concern over the dilapidated nature of the most of the Air craft operating in the country
Chief. Kayode while stating that for decades there was no review of capital base for the operators of the Aviation sector, the minister added that the review is aimed at tackling the problems of the Aviation sector.
He said it is unfortunate the way Airline operators are risking passengers lives pointing out that the decision to review the capital base was in line with stakeholders resolution of the stakeholders Forum held in 2005.
While stating that government arrived at the new capital base considering the way India achieved it, enhancing its share capital base for the Air lines operators in its country, airliners operators must have security clearance before operating even after increasing their capital base.
Also speaking, the minister of information and communication, Mr. Frank Nweke Jnr. said council had approved the sum of N83million for the construction of library at Abuja law school complex.
Mr. Nweke explained that the meeting also, approved the sum of N1.8billion for the procurement of 30.000 units of water meter for the residents of the Federal Capital Territory.
Similarly, he added council had approved the sum of 2.5million Dollars for the procurement of properties for Nigerian mission in Accra, 600,000 Dollars for another property for the Nigeria embassy in Cameroun and a resident in Argentina which will cost 539,890 Dollars.