Keyamo Announces $500 Million for Airport Reconstruction

Festus Keyamo, the Minister of Aviation and Aerospace Development, revealed that the $500 million allocated for the reconstruction of the Murtala Muhammed International Airport (MMIA) old terminal is sourced from the proceeds of the oil subsidy removal. He made this announcement during the 67th anniversary celebration of Aero Contractors in Lagos.

Keyamo explained that the removal of the subsidy has improved liquidity and increased foreign reserves, allowing President Bola Tinubu to secure this funding in under two years. He criticized the previous subsidy regimes for draining government resources and emphasized that the removal has facilitated increased investment in aviation infrastructure.

Keyamo noted that the ongoing airport reconstruction has created thousands of jobs for Nigerians in construction and related services. He also discussed policy reforms aimed at strengthening local airlines and improving airport connectivity, including plans to extend the Lagos Red Line rail system to better link the airport.