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FAAN generates N30bn revenue, targets N69bn

The Federal Airports Authority of Nigeria (FAAN) has generated N30,084 billion as internally generated revenue (IGR) from January to September 2020 out of the projected…

The Federal Airports Authority of Nigeria (FAAN) has generated N30,084 billion as internally generated revenue (IGR) from January to September 2020 out of the projected N69.5bn for the year.

The amount generated represents 43.25 per cent of the target even as N28bn was the actual collection during the period.

Managing Director of the authority, Capt. Rabiu Yadudu disclosed this on Tuesday when members of the House of Representatives Committee on Aviation visited the authority during an oversight tour of the Murtala Muhammed Airport (MMA), Lagos.

Meanwhile, the authority said it has remitted over N2bn into the Consolidated Revenue Fund (CRF) during the period.

Daily Trust reports that FAAN despite being a self-funded organisation is expected to remit 25 per cent of its revenue to the federation account even as there are moves to jack up the remittance to 40.

But FAAN and other aviation stakeholders are agitating for exemption from the remittance to meet the infrastructural gaps with the nation’s airports following the COVID-19 impact and the near-collapse of revenue sources.

He said from the N27.9bn collected, N17.6bn was from aeronautical source of revenue, N5.7bn from non-aeronautical source and N5.2bn recovered from debts.

“From January to September 2020, the revenue target of aeronautical source was N38, 988, 439, 354 and actual generation totaled N17, 823, 332,992 out of which N17, 610, 732, 478 is actual collection giving a percentage performance of 98.81 on revenue collected over generated,” he said.