FAAN Clarifies 50% Revenue Remittance Amid Senate Probe

 The Federal Airports Authority of Nigeria (FAAN) has confirmed the adequate remittance of half of its internally generated revenue to the Federation Account.

Managing Director of the agency, Mrs. Olubunmi Kuku, made the clarification during an investigative session with the Senate Finance Committee, chaired by Senator Sani Musa.

Mrs. Kuku explained that in 2024, the agency generated N273 billion against a target of N201 billion and has so far remitted 50% of the revenue to the government.

She stated that this clarification became necessary to dispel the impression that FAAN was failing to remit 50% of its total revenue, as highlighted during an investigative hearing with other revenue-generating agencies of the Federal Government in Abuja.

Mrs. Kuku also disclosed that even though the organization had over 9,000 staff, it does not receive subvention from the government but paid 1% of the N273 trillion naira as stamp duty to the federation account.

Mrs. Kuku also told the committee  that FAAN had remitted over N218bn of internally generated revenue (IGR) into the Consolidated Revenue Fund over the past five years.

She gave the detailed  financial contributions from 2020 to 2024, highlighting the steady growth in revenue remittance on yearly basis.

Mr. Kuka maintained that  “cumulatively the agency 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.

She attributed the revenue growth to improvements in operational efficiency and revenue collection mechanisms.

The Chief Executive 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. #radionigeriakaduna 

Bashir M