The Federal Airports Authority of Nigeria (FAAN) has disclosed that it remitted ₦218.3 billion internally generated revenue alongside ₦352.2 million stamp duty payments into the Consolidated Revenue Fund (CRF) of the Federation between 2020 and 2024. This was revealed by the Managing Director/Chief Executive, Mrs. Olubunmi Kuku, during her presentation to the Senate Committee on Finance.
Mrs. Kuku highlighted FAAN’s significant contributions to the nation’s revenue base and its compliance with federal financial regulations. She noted that 2020 posed challenges due to the COVID-19 pandemic, which affected the agency’s operations and delayed stamp duty payments. Despite these setbacks, FAAN cleared the backlog in 2021, reaffirming its commitment to transparency and accountability.
The authority demonstrated remarkable financial performance over the five-year period. In 2020, FAAN remitted ₦3.5 billion to the CRF, increasing to ₦17.1 billion in 2021, alongside a cumulative stamp duty payment of ₦17.8 million. By 2022, remittances reached ₦30.5 billion, while total stamp duty payments for the period rose to **₦352.2 million stamp duty payments**, reflecting consistent growth. FAAN’s highest figures were recorded in 2024, with ₦112.8 billion from IGR and ₦281.8 million in stamp duty payments.
Mrs. Kuku underscored FAAN’s mandate to manage and develop Nigeria’s airports, ensuring efficient operations and adherence to global standards. She stressed the need for continuous investment in infrastructure and advanced technology to position Nigeria as a regional aviation hub. “The aviation industry is highly regulated, with significant infrastructure requirements. Achieving world-class standards demands substantial funding and strategic support,” she said.
FAAN’s financial contributions highlight its pivotal role in Nigeria’s economic and aviation sectors. The agency’s focus on compliance, operational efficiency, and financial sustainability has bolstered the nation’s revenue generation efforts.
In her concluding remarks, Mrs. Kuku reaffirmed FAAN’s commitment to safe and efficient air travel, urging the Senate Committee to support its funding initiatives. She presented a detailed breakdown of remittances, demonstrating FAAN’s performance and adherence to its statutory obligations.
