Oyedele, Keyamo Move to Cut Aviation Fuel Costs, Support Airlines

•Air Peace reduces Abuja-London flights to three times per week over fuel scarcity

Kasim Sumaina in Abuja 

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has confirmed that he recently held talks with the Minister of Aviation and Aerospace Development, Festus Keyamo, to devise measures to address the rising cost of aviation fuel and the growing pressure on airline operators, as part of broader efforts to stabilise the aviation sector and protect passengers from higher fares.

Meanwhile, Air Peace has reduced its Abuja-London flight frequency to three times per week amid Jet A1 (aviation fuel) supply constraints.

In a post on X, Oyedele said both ministers had “constructive discussions on the challenges facing the aviation sector, particularly the recent sharp rise in the cost of aviation fuel and its impact on airlines’ operations and pricing.”

He added that the meeting also focused on opportunities to reposition the sector for growth, noting that government efforts are aimed at building “a more sustainable, efficient, and competitive aviation industry that supports economic activity and connectivity.”

The discussions followed fresh government intervention earlier in the week to ease mounting pressure on domestic airlines.

Authorities approved a 30 per cent discount on outstanding debts owed by local carriers to aviation agencies, a move expected to provide immediate financial relief.

Announcing the development after a high-level meeting in Abuja, Keyamo said the decision was approved by President Bola Tinubu.

The meeting brought together oil marketers, airline operators, regulators, and other stakeholders amid concerns that rising Jet A1 fuel prices could disrupt flight operations.

Domestic airlines had warned of possible service cuts or fare increases if the situation persisted, raising fears of reduced connectivity and higher travel costs for Nigerians.

Beyond the aviation sector, Oyedele also outlined his broader economic agenda as he settled into his role.

He said the government’s immediate focus was to build on ongoing reforms and ensure they deliver real benefits to citizens.

According to him, priority areas include boosting productivity and economic growth by creating a stable and investor-friendly environment, maintaining fiscal discipline through careful management of public funds, and improving revenue generation while ensuring fair taxation that does not overburden vulnerable groups.

He also stressed the need for stronger coordination across government institutions and deeper collaboration with the private sector to improve policy design and implementation.

“Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results,” Oyedele said.

He added that he was looking forward to working with stakeholders across both the public and private sectors to move the economy from reform plans to tangible outcomes, with the goal of achieving faster growth and a more stable and inclusive economy.

In a related development. Air Peace has reduced its Abuja-London flight frequency to three times per week amid Jet A1 (aviation fuel) supply constraints.

The airline made the announcement in a statement it posted on X yesterday.

“We wish to inform you that our Abuja to London service has been temporarily adjusted to three weekly flights until July 1.

“This is due to the current aviation fuel supply constraints affecting flight operations nationwide and around the world.

“This measure is necessary to maintain the highest standards of safety and operational reliability during this period, with full operational frequency on our London service scheduled to resume from July 1.

“We recognise that this adjustment may impact your travel plans, and we deeply appreciate your patience and understanding,” it said.

It gave the assurance that it was monitoring the situation and working closely with relevant stakeholders.

The airline reaffirmed its commitment to serving its customers safely, reliably and with care.

Before the announcement, Air Peace operated daily flights from Abuja to London.