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Nigeria treasury receives N218bn from FAAN in 5 yrs 

December 16, 2024436 views0 comments

  • N113bn in ’24 alone

Olubunmi Kuku (second left), managing director, Federal Airports Agency of Nigeria (FAAN), at the Senate committee on finance in Abuja, last week

Sade Williams/Business a.m.

The Nigerian treasury received the sum of N218.34 billion remitted by the Federal Airports Authority of Nigeria (FAAN) from its internally generated revenue (IGR) and another sum of N352.26 million as remittance on one percent stamp duty to the Consolidated Revenue Funds Account (CRF) for the period covering 2020 to 2024, it has emerged.

The details of contributions made to the federal treasury were given by Olubunmi Kuku, managing director of the FAAN, when she appeared before the Senate committee on finance on the remittance of IGR and 1% stamp duty payment from 2020 to 2024 into the Consolidated Revenue Fund Account of the federation.

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Specifically, Kuku said FAAN remitted N218,335,247,877.87 as contribution from its internally generated revenue (IGR) and N352,263,212.34 as remittance on the one percent stamp duty to the consolidated revenue funds account (CRF) for the period under review.

Giving a breakdown of the remittances,  Kuku disclosed that in the year 2020 FAAN remitted a total of N3,509,961,850.66 as contribution from its IGR, adding however  that in 2020 and the early part of 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 off-set the outstanding remittances on stamp duty for 2020 in the year 2021,” she said.

Kuku added that in the year 2021 the Authority remitted a total of N17,175,615,171.63 as 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 contribution from its IGR 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 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 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, for the period of 2020–2024, the Authority remitted a total of N218,335,247,877.87 as 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 disclosed.

She expressed FAAN’s commitment  to complying with all extant rules related 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 its mandate.

Kuku explained that airport business is global, technical, highly regulated with huge infrastructure requirements, noting that “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 provision of modern and up to date infrastructure and technology, this we believe can be achieved with your support.”

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