FAAN records N218bn revenue growth over five years

By Seun Ibiyemi 

The Federal Airports Authority of Nigeria, FAAN, has said over the last five years, it remitted over N218 billion in Internally Generated Revenue, IGR, into the country’s Consolidated Revenue Fund, CRF.

The Managing Director of FAAN, Mrs Olubunmi Kuku, disclosed this during a presentation to the Senate committee on Finance in Abuja.

Kuku, who said in the year 2020 FAAN remitted a total of N3,509,961,850.66 as contribution from the IGR, noted that in the year 2021, FAAN 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 per cent stamp duty to the CRF.

She said: “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 per cent stamp duty to the CRF account.

“In the year 2023, the authority remitted a total of N54,297,487,089.01 as contribution from the IGR and a cumulative sum of N25,426,776.07 as remittance on 1% stamp duty to the 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 CRF.

“Cumulatively, for the period of 2020 – 2024, the authority remitted a total of N218,335,247,877.87 as contribution from the IGR and a total sum of N352,263,212.34 as remittance on 1 percent stamp duty to the CRF.”