FAAN Remits over N218b Revenue to Federation Account in 5 Years
CHIGOZIE AMADI
The Federal Airports Authority of Nigeria (FAAN) has announced that it remitted a total of N218.3 billion from the agency’s 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 most of Nigeria’s commercial airports while fulfilling its statutory financial obligations.
She said the agency has recorded some achievements, despite the economic challenges posed by the COVID-19 pandemic during the early years under review.
Mrs. Kuku provided a year-by-year breakdown of FAAN’s contributions, starting from 2020. She explained that the Authority faced challenges in stamp duty remittances due to the pandemic but later offset outstanding payments in 2021.
She disclosed that in the year 2020 the Authority remitted a total of N3,509,961,850.66 as contribution from the Internally Generated Revenue (IGR) and noted that within the year 2020 and the early part of the year 2021, the Authority had major challenges with making remittances on stamp duty owing to the effect of the COVID-19 Pandemic.
Nonetheless, the Authority took steps to off-set the outstanding remittances on stamp duty for 2020 in the year 2021.
According to her, “In the year 2021 the Authority remitted a total of N17,175,615,171.63 as contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N17,819,183.59 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).
“In the year 2022 the Authority remitted a total of N30,530,347,715.73 as contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N27,135,935.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF)
“In the year 2023 the Authority remitted a total of N54,297,487,089.01 as contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N25,426,776.07 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).
“In the year 2024 the Authority remitted a total of N112,821,836,050.84 as contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N281,881,317.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).
“Cumulatively, for the period of 2020 – 2024, the Authority Remitted a total of N218,335,247,877.87 as contribution from the Internally Generated Revenue (IGR) and a total sum of N352,263,212.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).”
Mrs. Kuku gave the breakdown of the various remittances and remarked: “It pertinent to state that FAAN is committed to complying with all extant rules as relates with remittances to the Federation Account while striving to develop and profitably manage the airports facilities for safe, secure and efficient carriage of passengers and goods at world-class standards of quality, in line with our mandate.”
She assured the Senate Committee of FAAN’s strict adherence to extant financial regulations and its unwavering dedication to providing world-class aviation infrastructure.
She reiterated 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.
