FAAN remits over N218bn into federation account in 5 years

The Federal Airports Authority of Nigeria (FAAN) remitted N218,335,247,877.87 as a contribution from the Internally Generated Revenue (IGR) and a total sum of N352,263,212.34 as remittance on 1 per cent stamp duty to the Consolidated Revenue Funds Account (CRF) for the period of 2020 – 2024, Mrs Olubunmi Kuku, Managing Director of the Authority has said.

She disclosed on Wednesday during a presentation before the Senate  Committee on Finance, about the remittance of Internally Generated Revenue (IGR) and 1% Stamp Duty Payment from 2020 – 2024 into the Consolidated Revenue Fund Account of the federation.

Giving a breakdown of the remittances,  Kuku disclosed that in the year 2020 the Authority remitted a total of N3,509,961,850.66 as a contribution from the Internally Generated Revenue, adding however 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 offset the outstanding remittances on stamp duty for 2020 in the year 2021.”, she said.

She added that In the year 2021, the Authority remitted a total of N17,175,615,171.63 as a contribution from the IGR and a cumulative sum of N17,819,183.59 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account.

She further added that in the year 2022, the Authority remitted a total of N30,530,347,715.73 as ca contribution from the Internally Generated Revenue and a cumulative sum of N27,135,935.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account.

” In the year 2023, the Authority remitted a total of N54,297,487,089.01 as a 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 a 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)

“Cumulatively, from 2020 through 2024, the Authority Remitted a total of N218,335,247,877.87 as a 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”, Kuku revealed.

She expressed FAAN’s commitment to complying with all extant rules as relates to 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.

“I would like to reiterate that the airport Business is global, technical, and highly regulated with huge infrastructure requirements. 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 the provision of modern and up-to-date infrastructure and technology, this we believe can be achieved with your support.”, she said.

Wole Shadare