KEY POINTS

• Between 2020 and 2024 FAAN remitted N218.3bn Internally Generated Revenue (IGR) and N352.2m from 1% stamp duty payments.
• In 2020, COVID-19 resulted in challenges for FAAN, but it paid all outstanding stamp duty in 2021.
• Mrs. Olubunmi Kuku, the managing director, said FAAN was committed to transparency, adding that there was need for more funding to modernize Nigeria’s airport infrastructure.

From its Internally Generated Revenue (IGR) between 2020 and 2024, The Federal Airports Authority of Nigeria (FAAN) remitted a total of N218.3 billion into the Consolidated Revenue Fund (CRF). Also during the period, it also paid 1% stamp duty contributions amounting to N352.2 million.

Speaking during a presentation to Senate Committee on Finance on the Authority remittance records for the period of five years, FAAN’s Managing Director, Mrs. Olubunmi Kuku, made the disclosure.

In the presentation, FAAN highlighted its commitment to compliance with remittance regulations, and the improvement of the nation’s airport infrastructure.

FAAN’s contribution to and breakdown to the federation account

Mrs Kuku later gave a detailed breakdown of the amounts remitted yearly, from FAAN’s Internally Generated Revenue (IGR), and stamp duty payments.

1. 2020
– IGR Remitted: N3.5 billion
– Stamp Duty: Delays due to COVID-19, outstanding balance paid 2021.

2. 2021
– IGR Remitted: N17.2 billion
– Stamp Duty: N17.8 million

3. 2022
– IGR Remitted: N30.5 billion
– Stamp Duty: N27.1 million

4. 2023
– IGR Remitted: N54.3 billion
– Stamp Duty: N25.4 million

5. 2024
– IGR Remitted: N112.8 billion
– Stamp Duty: N281.8 million

Contributions Dynamo (2020–2024)
– Total IGR Remitted: N218.3 billion
– Total Stamp Duty Paid: N352.2 million

FAAN, though challenged with stamp duty payments during the COVID 19 pandemic of 2020 UNESCO Office in Abuja, noted that all outstanding payments for stamp duties were paid in 2021, according to Mrs. Kuku.

FAAN’s commitment to transparency and development

The agency is committed to meeting its statutory responsibilities to the Federation Account, FAAN’s MD told the Senate Committee. The Authority, she added, was keen on developing modern infrastructure and upgrading of airport facilities to meet international standards.

“I would like to reiterate that airport business is global, technical and highly regulated, with large infrastructure requirements,” she said. Nigeria is expected to be a base for the West Africa/Central Africa Sub Region.

In order to achieve this expectation, we need more funding to support modern and up to date infrastructure and technology which we believe we can obtain with your support”