The Federal Airports Authority of Nigeria (FAAN) has announced the remittance of over N218 billion in Internally Generated Revenue (IGR) into the nation’s Consolidated Revenue Fund (CRF) over the past five years.
FAAN’s Managing Director, Mrs. Olubunmi Kuku, disclosed this during her presentation to the Senate Committee on Finance in Abuja on Wednesday.
She provided a breakdown of the authority’s financial contributions between 2020 and 2024, showcasing consistent growth in revenue remittance.
“In 2020, FAAN remitted N3.51 billion in IGR contributions alongside N17.82 million as 1% stamp duty to the CRF,” Kuku stated.
She further explained that in 2021, the authority’s contributions rose to N17.18 billion in IGR and N17.82 million in stamp duty.
“In 2022, we recorded N30.53 billion in IGR remittance and N27.14 million in stamp duty, while in 2023, contributions increased to N54.30 billion in IGR and N25.43 million in stamp duty,” Kuku noted.
The upward trajectory peaked in 2024, with FAAN remitting a record N112.82 billion in IGR and N281.88 million as 1% stamp duty.
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Summarizing the five-year period, Kuku revealed that FAAN had cumulatively contributed N218.34 billion in IGR and N352.26 million in stamp duty to the CRF.
She attributed the revenue growth to improved operational efficiency and enhanced revenue collection mechanisms.
Kuku reiterated FAAN’s commitment to boosting financial contributions to the federal government through innovative strategies and enhanced service delivery.
