The Federal Airports Authority of Nigeria (FAAN) says it remitted a total of 218.3 billion naira from its internally generated revenue (IGR) and 352.3 million naira in stamp duty payments into the consolidated revenue fund (CRF) account of the federation between 2020 and 2024.
FAAN’s managing director, Olubunmi Kuku, who announced the figures on Wednesday during a presentation before the senate committee on finance in Abuja, 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, adding that FAAN remitted 3.5 billion naira from its IGR in 2020.
Kuku reaffirmed the authority’s commitment to adhering to all financial regulations while ensuring the safe and efficient management of Nigeria’s airports.
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.
