By Haruna Salami
The Federal Airport Authority of Nigeria (FAAN) has explained to the Senate Committee on Finance that it now remits 50 per cent of its total revenue to federation account.
The Managing Director/CE of FAAN, Mrs. Olubunmi Kuku disclosed that in 2024 the agency has generated N273 billion against N201 billion target and has remitted 50 per cent of that to government so far.
The clarification became necessary to correct the impression that the agency is not remitting 50% of its total revenue generated at an investigative hearing with revenue generating agencies of the Federal Government in Abuja.
Mrs. Kuku also disclosed that even though the organization has over 9,000 staff, it does not receive subvention from the government.
FAAN also paid 1% of the N273 bn as stamp duty to the federation account.
Mrs. Kuku told the upper chamber that FAAN has remitted over N218bn in internally generated revenue (IGR) into the country’s Consolidated Revenue Fund over the past five years.
She detailed the authority’s financial contributions from 2020 to 2024, highlighting the steady growth in revenue remittance on yearly basis.
According to her, the authority “cumulatively remitted a total of N218.34 billion as contributions from the Internally Generated Revenue and N352.26 million as 1% stamp duty remittances to the CRF”, in the period from 2020 to 2024, Kuku said.
She attributed the revenue growth to improvements in operational efficiency and revenue collection mechanisms.
Kuku reassured the lawmakers of FAAN’s commitment to enhancing its financial contributions to the federal government’s coffers through strategic innovations and improved service delivery.
