FAAN Remits N218,335,247,877.87 To Federal Government From IGR, 2020-2024

The Managing Director/Chief Executive, Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku says the agency cumulatively, for the period of 2020 to 2024, “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).”

Presenting the remittance of Internally Generated Revenue (IGR) and 1% Stamp Duty Payment from 2020 – 2024 into the Consolidated Revenue Fund Account of the federation to members of the Senate Committee on Finance yesterday, Kuku said: “In the year 2020, the Authority remitted a total of N3,509,961,850.66 as contribution from the Internally Generated Revenue (IGR).

It is noteworthy to mention 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.

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).”

Kuku added that “airport business is global, technical, highly regulated with huge infrastructure requirement. Nigeria is expected to be a hub in West Africa/Central Africa Sub-Region, this expectation can only be met with more funding to ensure provision of modern and up to date infrastructure and technology, this we believe can be achieved with your support” and 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 explained that “the Federal Airports Authority of Nigeria (FAAN) is a service organization statutorily charged with the management of all commercial airports in Nigeria and providing service to both passengers and cargo airlines. The Authority is responsible for creating conditions for the development of air transport and services connected with it, in the most economic and efficient manner.

The Act which established FAAN empowers the Authority to spend monies collected, on expenses and projects approved in its yearly IGR budget. The monies derived from the various revenue sources annually are spent on Personnel, Overhead and Capital Cost as well as making remittance to the Federation Account.”