FAAN remits N218b in revenue, N352.3m stamp duty

The Federal Airports Authority of Nigeria (FAAN) has disclosed that it remitted a total of N218.3 billion from Internally Generated Revenue (IGR) and N352.3 million in stamp duty payments to the Consolidated Revenue Fund (CRF) between 2020 and 2024.

This announcement was made by FAAN’s Managing Director, Olubunmi Kuku, during her presentation to the Senate Committee on Finance in Abuja on Wednesday.

Kuku stated the financial contributions made by the agency despite the economic challenges posed by the COVID-19 pandemic during the early years of the period under review.

She explained that the authority faced challenges in stamp duty remittances due to the pandemic but later offset outstanding payments in 2021.

Kuku disclosed that in 2020, the Authority remitted a total of N3,509,961,850.66 as a contribution from IGR and noted that within the year 2020,

Kuku also noted that in the early part of 2021, the Authority had major challenges with making remittances on stamp duty owing to the effect of the COVID-19 pandemic.

Nonetheless, the Authority took steps to offset the outstanding remittances on stamp duty for 2020 in 2021.

According to her, “In 2021, the Authority remitted a total of N17,175,615,171.63 as a contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N17,819,183.59 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).

“In 2022, the Authority remitted a total of N30,530,347,715.73 as a contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N27,135,935.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).

“In 2023, the Authority remitted a total of N54,297,487,089.01 as a contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N25,426,776.07 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).

“In 2024, the Authority remitted a total of N112,821,836,050.84 as a contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N281,881,317.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).

“Cumulatively, for the period of 2020–2024, the Authority remitted a total of N218,335,247,877.87 as a contribution from the Internally Generated Revenue (IGR) and a total sum of N352,263,212.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).”

According to her, FAAN is committed to complying with all extant rules as they relate to remittances to the Federation Account while striving to develop and profitably manage the airport facilities for the safe, secure, and efficient carriage of passengers and goods at world-class standards of quality, in line with its mandate.