The Federal Airports Authority of Nigeria (FAAN) has disclosed that it has remitted 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 per cent stamp duty to the Consolidated Revenue Funds Account (CRF) for the period of 2020 – 2024.
This was announced by Mrs Olubunmi Kuku, Managing Director of the Authority on Wednesday during a presentation before the Senate Committee on Finance.
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 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 off-set the outstanding remittances on stamp duty for 2020 in the year 2021.”, she said.
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She 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 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 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)
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“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 revealed.
She expressed FAAN’s commitment to complying with all extant rules as relates with remittances to the Federation Account while striving to develop and profitably manage the airport 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 Airport Business is global, technical, highly regulated with huge infrastructure requirements. Nigeria is expected to be a hub in the 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, which we believe can be achieved with your support.”, she said.
