The Federal Airports Authority of Nigeria (FAAN) says it remitted a total of N218.3 billion from its 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.
Olubunmi Kuku, FAAN’s managing director, announced the figures on Wednesday during a presentation before the senate committee on finance in Abuja.
In her address, Kuku outlined the authority’s efforts in managing Nigeria’s commercial airports while meeting its statutory financial obligations.
Providing a year-by-year breakdown of FAAN’s contributions beginning in 2020, she acknowledged that despite economic challenges caused by the COVID-19 pandemic, the agency managed to achieve significant milestones.
The MD explained that the pandemic initially hindered the authority’s ability to remit stamp duty payments, but the outstanding amounts were eventually cleared in 2021.
She added that FAAN remitted N3.5 billion from its IGR in 2020.
“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 percent stamp duty to the consolidated revenue funds account (CRF),” Kuku said.
“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 percent 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 percent 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 percent 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 percent stamp duty to the consolidated revenue funds account (CRF).”
‘FAAN COMMITTED TO COMPLYING TO ALL FINANCIAL REGULATIONS’
Kuku reaffirmed the authority’s commitment to adhering to all financial regulations while ensuring the safe and efficient management of Nigeria’s airports.
“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 said.
The MD also stressed the need for increased funding to modernise the country’s airports and position Nigeria as a key aviation hub in West and Central Africa.
Kuku assured the senate committee of FAAN’s strict adherence to financial regulations and its unwavering dedication to enhancing aviation infrastructure.
