Economy
Nigerian Airline Operators Issue 7-Day Ultimatum Over Jet Fuel Crisis, Warn Of Flight Shutdown
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Nigeria’s aviation industry is staring at a possible collapse within days as airline operators warn that flight operations may grind to a halt nationwide if the federal government fails to urgently intervene in the escalating aviation fuel crisis.
Operators under the Airline Operators of Nigeria (AON) say the cost of Jet A1 has reached “unsustainable” levels, with prices reportedly surging by as much as 250 percent in Nigeria, far above global increases estimated at about 70 percent.
Industry players say the distortion is pushing airlines to the brink, with operating costs now heavily dollarised while access to credit remains trapped in a high-interest environment reportedly ranging between 30 and 35 percent.
Air Peace Chairman Allen Onyema warned after a tense industry meeting that carriers may have no choice but to suspend operations if nothing changes within seven days.
“We are being pushed to the wall. At these levels, no airline can continue to operate sustainably,” Onyema said, adding that carriers may be forced to ground operations if no solution emerges within days.
Onyema said Nigerian airlines are under severe pressure due to a sharp rise in aviation fuel prices, which he argued is disproportionately higher than global trends following the U.S.–Iran conflict.
He explained that while aviation fuel prices typically move in line with crude oil increases, Nigeria has recorded a surge of about 250 to 270 percent, compared to roughly 70 percent in other countries, including elsewhere in Africa.
Onyema said the situation is making airline operations unsustainable and has pushed operators to the brink, prompting urgent discussions between government officials, airline operators, and fuel marketers to find a resolution.
“We have deliberated extensively today, and they have also shared their pain points. We have also shared ours. We are going to go back and wait for the outcome of their deliberations with the regulators,” he said.
“When they do that, we expect that within the next 48 hours, something drastic will be done, because no airline in this country will be able to fly within the next seven days if nothing is done.
“Not because airlines do not want to fly, but because the pricing, not only of our tickets but also of the fuel products we need to operate, may become unsustainable.
“We are already operating under heavy financial pressure, borrowing at 30 to 35 percent interest just to stay afloat, and we cannot continue to spend all our revenue on fuel alone.”
“The good news, as we observed yesterday, is that the President is listening, and this is very encouraging for us. We are hopeful. The country should also be hopeful, because the President, even while we were there, made a call to the honourable minister,” he added.
The warning comes amid a worsening standoff between airlines, petroleum marketers, and regulators over pricing mechanisms for aviation fuel, which operators insist has become artificially inflated through inefficiencies and market manipulation.
A crucial meeting convened by the Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), ended in deadlock, with no agreement reached on how to immediately crash or stabilise Jet A1 prices.
Keyamo admitted after the closed-door session that the crisis was threatening the survival of domestic airlines, adding that discussions would continue for 48 to 72 hours in search of a compromise.
He also acknowledged that airlines may be forced to increase ticket prices further if the situation persists, a development that could push air travel beyond the reach of ordinary Nigerians already battling inflation and a weakened currency.
Despite the stalemate, the minister said the meeting was held with presidential backing, noting that President Bola Tinubu had been briefed and was monitoring developments closely.
Operators, however, remain unconvinced, insisting that repeated assurances without concrete price relief will not prevent what they describe as an imminent aviation shutdown.
The Federal Government has approved a new pensionable salary structure for personnel of the Nigerian Armed Forces.
The new structure affects personnel in the Nigerian Army, Nigerian Navy and Nigerian Air Force and took effect from September 1, 2026.
The approval was contained in a circular issued on September 3 by the National Salaries, Incomes and Wages Commission.
Under the new arrangement, Generals, Admirals and Air Chief Marshals occupy the highest level, with their annual pensionable salaries ranging from ₦21.9 million to ₦29.75 million, depending on their salary steps.
The highest figure works out to roughly ₦2.48 million per month when divided by 12.
Lieutenant Generals, Vice Admirals and Air Marshals will have annual pensionable salaries between ₦16.99 million and ₦25.91 million.
Major Generals, Rear Admirals and Air Vice Marshals will receive pensionable salaries ranging from about ₦14.98 million to ₦23.9 million annually.
For Brigadier Generals, Commodores and Air Commodores, the approved annual pensionable figures range from ₦13.86 million to ₦16.39 million.
Colonels, Captains and Group Captains will have annual pensionable salaries between ₦8.31 million and ₦9.49 million, while Lieutenant Colonels, Commanders and Wing Commanders will fall between ₦7.55 million and ₦8.74 million.
Majors, Lieutenant Commanders and Squadron Leaders will have pensionable salaries ranging from ₦5.99 million to ₦7.01 million annually.
Captains, Lieutenants and Flight Lieutenants will receive between ₦5.28 million and ₦6.42 million.
At the junior officer level, Second Lieutenants, Midshipmen and Pilot Officers will have annual pensionable salaries ranging from ₦4.92 million to ₦5.59 million.
The new structure also covers non-commissioned personnel.
Warrant Officers across the three services will have annual pensionable salaries between ₦4.53 million and ₦5.17 million, while Master Warrant Officers will receive between ₦3.94 million and ₦4.93 million.
Warrant Officers will have annual pensionable salaries ranging from ₦3.46 million to ₦4.35 million. Staff Sergeants, Petty Officers and Flight Sergeants will have figures between ₦2.98 million and ₦3.76 million.
Sergeants and Leading Seamen will have annual pensionable salaries ranging from ₦2.81 million to ₦3.16 million, while Corporals and Able Seamen will receive between ₦2.48 million and ₦2.73 million.
Lance Corporals and Seamen will have pensionable salaries between ₦2.32 million and ₦2.58 million annually.
Privates, Ordinary Seamen and Aircraftmen will have figures ranging from ₦2.28 million to ₦2.49 million.
The government clarified that the amounts contained in the new schedule are meant for calculating pension benefits.
They should not be treated as the actual monthly salaries or take-home pay of serving military personnel.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 8th September 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 8th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1405 and buy at ₦1395 on Tuesday, 8th September, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1405
Buying Rate ₦1395
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1320
Lowest Rate ₦1326
The dollar-to-naira exchange rate opened the new week with the naira trading at about ₦1,321.68 per US dollar at the official rate, while the parallel market rate stood at ₦1,390 per dollar for buying and ₦1,400 for selling, according to available market data.
The latest available NFEM figure for September 7 puts the official exchange rate at ₦1,321.68 to the dollar. However, the Central Bank of Nigeria’s published NFEM table shows September 4 as the latest dated trading entry, with a rate of ₦1,321.2160 per dollar. The September 7 figure should therefore be treated as the latest available indicative rate rather than a confirmed CBN trading close.
At the parallel market, Aboki Forex reported a buying rate of ₦1,390 and a selling rate of ₦1,400 per dollar. This means a person selling $1 could receive about ₦1,390, while buying $1 could cost approximately ₦1,400. Actual rates may vary by dealer, location and transaction size.
The difference between the indicative official rate and the parallel-market selling rate is about ₦78.32 per dollar. For $100, the indicative official equivalent is approximately ₦132,168, while buying $100 at the parallel-market selling rate would cost about ₦140,000.
The naira’s performance remains closely watched by importers, businesses, travellers and Nigerians receiving or sending foreign currency. However, the parallel market is separate from the regulated official market, and the two rates should not be treated as interchangeable.
Rates can change during the day, so anyone exchanging currency should confirm the current quote with a bank, licensed Bureau de Change or trusted dealer before completing a transaction.
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