FAAN Remits Over N218 Billion Revenue to Federation Account from 2020 to 2024
The Federal Airports Authority of Nigeria (FAAN) has demonstrated its commitment to national development with the remittance of a total of N218.3 billion in Internally Generated Revenue (IGR) and N352.3 million in stamp duty payments into the Consolidated Revenue Fund (CRF) Account of the Federation between 2020 and 2024.
This was revealed during a presentation by FAAN’s Managing Director and Chief Executive Officer, Mrs Olubunmi Kuku, before the Senate Committee on Finance in Abuja.
In her address, Mrs Kuku detailed the Authority’s efforts in managing Nigeria’s commercial airports while fulfilling its statutory financial obligations.
She expressed delight in presenting the achievements, despite the economic challenges posed by the COVID-19 pandemic during the early years under review.
The Federal Airports Authority of Nigeria is charged with managing all commercial airports in the country and creating an enabling environment for the growth of air transport.
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.
