FAAN remits N218.3b revenue into federal government consolidated funds
The Federal Airports Authority of Nigeria (FAAN) has reinforced its dedication to national growth by remitting N218.3 billion in Internally Generated Revenue (IGR) and N352.3 million in stamp duties to the Consolidated Revenue Fund (CRF) of the Federation between 2020 and 2024.
This was disclosed by FAAN’s Managing Director and Chief Executive Officer, Mrs. Olubunmi Kuku, during her presentation to the Senate Committee on Finance in Abuja.
Mrs. Kuku highlighted FAAN’s sustained efforts in managing Nigeria’s commercial airports while meeting its financial obligations, despite the economic challenges posed by the COVID-19 pandemic during the initial years of the review period.
She reaffirmed FAAN’s mandate to oversee all commercial airports in the country and foster the growth of air transport within Nigeria.
The Act establishing FAAN mandates the Authority to utilise revenues generated for personnel costs, operational overheads, capital projects, and statutory remittances to the Federation Account.
Mrs Kuku provided a year-by-year breakdown of FAAN’s contributions:
2020: N3.51 billion in IGR remitted.
She explained that the Authority faced challenges in stamp duty remittances due to the pandemic but later offset outstanding payments in 2021. 2021: N17.18 billion from IGR and N17.8 million in stamp duties.
2022: N30.53 billion in IGR and N27.1 million in stamp duties.
2023: N54.30 billion in IGR and N25.4 million in stamp duties.
2024: N112.82 billion in IGR and N281.9 million in stamp duties.
Cumulatively, Mrs Kuku said N218.3 billion from IGR and N352.3 million in stamp duty payments were remitted during the five-year period.
Mrs Kuku assured the Senate Committee of FAAN’s strict adherence to extant financial regulations and its unwavering dedication to providing world-class aviation infrastructure.
She underscored the global and technical nature of the airport business, emphasising the urgent need for additional funding to modernise Nigeria’s airport facilities and position the country as a hub in the West and Central African sub-region.
In her closing remarks, the FAAN MD appealed to the Senate Committee for continued support to help the Authority achieve its infrastructure development goals, ensuring safe, secure, and efficient passenger and cargo transportation.
The Chief Executive underscored FAAN’s strategic role in Nigeria’s aviation sector and highlighted its resolve to balance operational demands with fiscal responsibility.
Detailed financial reports of the remittances were submitted to the committee for further review.
