The Federal Airports Authority of Nigeria (FAAN) has announced the remittance of ₦218.3 billion from Internally Generated Revenue (IGR) and ₦352.3 million in stamp duty payments to the Consolidated Revenue Fund (CRF) between 2020 and 2024. This was revealed by FAAN’s Managing Director and Chief Executive Officer, Mrs. Olubunmi Kuku, during her presentation to the Senate Committee on Finance in Abuja.
Mrs. Kuku detailed FAAN’s financial performance, emphasizing its compliance with federal financial regulations despite facing significant challenges during the review period. She explained that the COVID-19 pandemic severely impacted FAAN’s operations in 2020, delaying stamp duty remittances. However, the authority took decisive steps to clear the backlog in 2021, demonstrating its commitment to transparency and accountability.
The Managing Director provided a breakdown of remittances over the five-year period, highlighting consistent growth in contributions. In 2020, FAAN remitted ₦3.51 billion from IGR, a figure that grew to ₦17.18 billion in 2021 as the authority rebounded from the effects of the pandemic. By 2022, remittances had increased to ₦30.53 billion, reaching ₦54.3 billion in 2023. The highest performance was recorded in 2024, with ₦112.82 billion remitted from IGR and ₦281.8 million in stamp duty payments.
Mrs. Kuku underscored the importance of FAAN’s contributions to the nation’s revenue base and the authority’s role in driving the economic development of the aviation sector. She reiterated FAAN’s statutory obligations to manage and develop Nigeria’s airports while maintaining high operational standards.
“The aviation industry is highly regulated, with significant infrastructure requirements. To achieve global standards and position Nigeria as a hub for air travel in West and Central Africa, substantial funding and strategic investments in modern infrastructure and technology are imperative,” Mrs. Kuku stated. She further appealed to the Senate Committee to support FAAN’s funding initiatives, noting that sustainable development of airports is critical to boosting economic growth and enhancing air travel safety and efficiency.
FAAN’s financial contributions underscore its pivotal role in Nigeria’s aviation and economic sectors. The authority’s focus on compliance, operational efficiency, and financial sustainability has not only bolstered the country’s revenue generation efforts but has also reaffirmed its commitment to delivering world-class aviation services.
In her closing remarks, Mrs. Kuku assured the Senate Committee of FAAN’s unwavering dedication to its mandate. She emphasized the agency’s efforts to ensure safe, secure, and efficient carriage of passengers and goods while maintaining strict adherence to financial regulations. With the right support, she concluded, FAAN is well-positioned to transform Nigeria’s airports into globally competitive aviation hubs.
