BY OLAPEJU OLUBI
The Federal Airports Authority of Nigeria (FAAN) has demonstrated its commitment to fiscal transparency and national development by remitting over ₦218 billion in Internally Generated Revenue (IGR) and ₦352 million in stamp duties to the Consolidated Revenue Fund (CRF) from 2020 to 2024.
Speaking at a Senate Committee on Finance session in Abuja on Wednesday, FAAN Managing Director/Chief Executive Officer, Mrs. Olubunmi Kuku, outlined the Authority’s financial contributions despite challenges, including the COVID-19 pandemic, which significantly impacted operations in 2020.
According to her, FAAN’s remittances grew exponentially over the four-year period.
In 2020, FAAN posted ₦3.51 billion (IGR) but with no stamp duty due to COVID-19 impacts.
In 2021, it recorded ₦17.18 billion in IGR and ₦17.82 million in stamp duty.
The figure grew in 2022 as it posted ₦30.53 billion (IGR) and ₦27.14 million (stamp duty).
Last year, FAAN remitted ₦54.30 billion (IGR) and ₦25.43 million (stamp duty) and this year, the figures surged to ₦112.82 billion in IGR and ₦281.88 million stamp duty.
Mrs Kuku noted that FAAN recovered quickly from the pandemic’s economic disruptions, meeting all outstanding remittances by 2021 and surpassing expectations in subsequent years.
She added that FAAN, as the organisation responsible for managing Nigeria’s commercial airports, plays a strategic role in national development.
She added that the authority oversees the safe and efficient movement of passengers and cargo while striving to maintain global standards.
Mrs. Kuku stressed that sustaining the momentum requires continued investments in modern infrastructure and technology, especially as Nigeria positions itself as a leading aviation hub in West and Central Africa.
“The airport business is technical, highly regulated, and capital-intensive. For Nigeria to compete globally and meet its potential as a regional hub, we need robust funding and strategic support,” she told the committee.
While commending FAAN’s achievements, Mrs. Kuku called on the Senate Committee for ongoing collaboration to ensure the Authority’s success in driving aviation growth.
I’ll“We remain committed to meeting all remittance obligations and delivering world-class airport facilities, but we can only achieve this with your continued support,” she added.FAAN Remits Over ₦218bn Into CRF In 4 Years, Highlights Fiscal Responsibility
The Federal Airports Authority of Nigeria (FAAN) has demonstrated its commitment to fiscal transparency and national development by remitting over ₦218 billion in Internally Generated Revenue (IGR) and ₦352 million in stamp duties to the Consolidated Revenue Fund (CRF) from 2020 to 2024.
Speaking at a Senate Committee on Finance session in Abuja on Wednesday, FAAN Managing Director/Chief Executive Officer, Mrs. Olubunmi Kuku, outlined the Authority’s financial contributions despite challenges, including the COVID-19 pandemic, which significantly impacted operations in 2020.
According to her, FAAN’s remittances grew exponentially over the four-year period.
In 2020, FAAN posted ₦3.51 billion (IGR) but with no stamp duty due to COVID-19 impacts.
In 2021, it recorded ₦17.18 billion in IGR and ₦17.82 million in stamp duty.
The figure grew in 2022 as it posted ₦30.53 billion (IGR) and ₦27.14 million (stamp duty).
Last year, FAAN remitted ₦54.30 billion (IGR) and ₦25.43 million (stamp duty) and this year, the figures surged to ₦112.82 billion in IGR and ₦281.88 million stamp duty.
Mrs Kuku noted that FAAN recovered quickly from the pandemic’s economic disruptions, meeting all outstanding remittances by 2021 and surpassing expectations in subsequent years.
She added that FAAN, as the organisation responsible for managing Nigeria’s commercial airports, plays a strategic role in national development.
She added that the authority oversees the safe and efficient movement of passengers and cargo while striving to maintain global standards.
Mrs. Kuku stressed that sustaining the momentum requires continued investments in modern infrastructure and technology, especially as Nigeria positions itself as a leading aviation hub in West and Central Africa.
“The airport business is technical, highly regulated, and capital-intensive. For Nigeria to compete globally and meet its potential as a regional hub, we need robust funding and strategic support,” she told the committee.
While commending FAAN’s achievements, Mrs. Kuku called on the Senate Committee for ongoing collaboration to ensure the Authority’s success in driving aviation growth.
“We remain committed to meeting all remittance obligations and delivering world-class airport facilities, but we can only achieve this with your continued support,” she added.
Mrs Kuku also noted that FAAN’s financial discipline and operational growth reflect its dedication to transparency and its strategic role in Nigeria’s economic future. With increasing revenue and bold plans for expansion, FAAN is poised to drive the nation’s aviation sector to megreater heights.
Mrs Kuku also noted that FAAN’s financial discipline and operational growth reflect its dedication to transparency and its strategic role in Nigeria’s economic future.
With increasing revenue and bold plans for expansion, FAAN is poised to drive the nation’s aviation sector to greater heights.
