….seeks Increased Funding for Aviation Infrastructure
The Federal Airports Authority of Nigeria (FAAN) has demonstrated a steadfast commitment to financial accountability by remitting over ₦218 billion in Internally Generated Revenue (IGR) into the Consolidated Revenue Fund (CRF) of the Federation over the last five years.
This was disclosed by FAAN’s Managing Director, Mrs Olubunmi Kuku during a presentation to the Senate committee on Finance of the National Assembly in Abuja.
In her remarks, Kuku highlighted FAAN’s dual mandate of efficiently managing Nigeria’s commercial airports and creating conditions conducive to air transport growth.
The authority, she noted, has been diligent in adhering to statutory obligations, including making remittances to the Federation Account, despite challenges.
Steady Growth Amid Challenges
Between 2020 and 2024, FAAN progressively increased its annual IGR contributions, starting with ₦3.5 billion in 2020, a year heavily impacted by the COVID-19 pandemic.
Despite the financial disruptions during that period, the authority not only maintained its remittance schedule but also cleared outstanding stamp duty payments from 2020 the following year.
By 2024, FAAN’s IGR remittance had surged to an impressive ₦112.8 billion, reflecting significant growth in its revenue-generating capacity.
Over the five-year period, the cumulative IGR remittance amounted to ₦218.3 billion, complemented by an additional ₦352.2 million in 1% stamp duty contributions.
Commitment to Compliance and Infrastructure Development
The Managing Director reiterated FAAN’s dedication to complying with all remittance regulations, ensuring transparency and accountability.
She also emphasized the authority’s strategic role in transforming Nigeria into a regional aviation hub, in line with its mandate to provide world-class airport infrastructure and services.
Kuku called for enhanced funding to meet the high technical and regulatory demands of the aviation industry, stressing that modern infrastructure and technology are essential for achieving global standards and positioning Nigeria as a leader in the West and Central African sub-regions.
FAAN’s consistent financial contributions underscore its critical role in supporting national development, even as it seeks collaborative efforts to enhance airport operations and infrastructure nationwide.
