Arik Air plane

Nigeria’s largest airline, Arik Air, is in need of at least N10 billion to survive, the Asset Management Corporation of Nigeria (AMCON), which took over the embattled and heavily indebted carrier on Thursday said.

The Federal Government via AMCON said on Sunday Arik Air would require N10 billion to resuscitate it.

The airline was already under water with only 10 out of its 28 planes operating and staff were unable to get their salaries in the past few months.

Worse, Arik Air was oweing creditors at least N300 billion when the government intervened on Thursady February 9.

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