FAAN remits N2b to Federation’s account pleads for bailout to address facility decay

  • Agency operates at 30% capacity, rakes N30b as at Sept
  • Recovers N5b debts
  • Reps: Put 70% of revenue into infrastructure

The Federal Airports Authority of Nigeria (FAAN) said it remitted N2b to the Consolidated Revenue Fund (CRF) accounts between January and September 2020.

This is coming as the Managing Director of the agency, Capt. Hamisu Yadudu pleaded for urgent intervention fund from the Federal Government to address infrastructural gaps.

He stated that the addressing the infrastructural gaps would help to position the industry for better service delivery and contribution to the nation’s economy.

READ ALSO:  Constraints To Foreign Airlines’ Operations In Nigeria, By Turkish Airlines

He made the appeal when the House of Representatives Committee on Aviation led by its chairman, Nnolim Nnaji inspected some of the facilities of the agency which included work on the resurfacing of the taxi-way and the new terminal building at the Murtala Muhammed International Airport, Lagos expected to be commissioned February 2021.

He further explained that the monies derived from the various revenue sources annually are spent on personnel, overhead and capital cost while FAAN is expected to make remittances to the Federation Account.

Explaining the sharp reduction of the agency’s revenue, Yadudu stated that 2020 started out on a very promising note with very high revenue trajectory, stressing that barely three months into the year, Nigeria as well as the world witnessed one of its worse natural misfortune in recent times.

READ ALSO:  Q1: For aviation, govt's on right path

“The COVID-19 came and has dealt a devastating blow to every facet of life with the aviation industry at the centre of the economic fallout. In the year 2020, the authority presented to the committee members the Internally Generated Revenue (IGR) and was graciously approved for implementation”.

“The approved revised revenue estimate for 2020 totaled N92, 740, 174,772 (less 10% deduction to NIMET and service charge) made up N51, 984, 585, 806 from the aeronautical source, N20,699,984,381 from the non-aeronautical source and N21, 806,835,846 from deb

Wole Shadare