Keyamo Reveals $500M Airport Funding Amid Subsidy Debate

On October 5, 2026, Festus Keyamo, the Minister of Aviation and Aerospace Development, revealed that the Nigerian government allocated $500 million for the reconstruction of the Lagos airport. This funding was not sourced through borrowing but was made possible by an increase in the country's liquidity and foreign reserves, which rose from $3 billion to $56 billion under President Bola Tinubu's administration.

Keyamo made these statements during the 67th anniversary of Aero Contractors Airline in Lagos, addressing concerns regarding the aviation industry's state amid the ongoing debate about the economic effects of fuel subsidy removal. He defended the government's approach, asserting that stronger macroeconomic fundamentals and increased foreign reserves are essential for attracting investment and creating jobs.

Keyamo criticized calls for the suspension of the subsidy removal, emphasizing that a healthy economy and foreign reserves are crucial for drawing in foreign investors who can contribute to infrastructure development and job creation.