N218bn remitted to FG’s account between 2020-2024, says FAAN
At least N218.3 billion internally generated revenue alongside N352.2 million stamp duty payments into the Consolidated Revenue Fund (CRF) of the Federation between 2020 and 2024 has been remitted by the Federal Airports Authority of Nigeria (FAAN).
According to Mrs Olubunmi Kuku, the Managing Director/Chief Executive, during her presentation to the Senate Committee on Finance, also highlighted FAAN’s significant contributions to the nation’s revenue base and its compliance with federal financial regulations.
Okuku, while noting that 2020 posed challenges due to the COVID-19 pandemic, which affected the agency’s operations and delayed stamp duty payments, said despite these setbacks, FAAN cleared the backlog in 2021, reaffirming its commitment to transparency and accountability.
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The authority demonstrated remarkable financial performance over the five years. In 2020, FAAN remitted N3.5 billion to the CRF, increasing to N17.1 billion in 2021, alongside a cumulative stamp duty payment of N17.8 million. By 2022, remittances reached N30.5 billion, while total stamp duty payments for the period rose to N352.2 million stamp duty payments, reflecting consistent growth. FAAN’s highest figures were recorded in 2024, with ₦112.8 billion from IGR and N281.8 million in stamp duty payments.
Mrs Kuku underscored FAAN’s mandate to manage and develop Nigeria’s airports, ensuring efficient operations and adherence to global standards. She stressed the need for continuous investment in infrastructure and advanced technology to position Nigeria as a regional aviation hub. “The aviation industry is highly regulated, with significant infrastructure requirements. Achieving world-class standards demands substantial funding and strategic support,” she said.
