FAAN remits 16.7bn to FG, proposes N188bn 2022 budget

The Federal Airports Authority of Nigeria (FAAN) has remitted N16.7 billion into the consolidated revenue fund of the Federation Account for the year 2021, the authority has disclosed.

The Managing Director of FAAN, Capt Rabiu Yadudu, said this was achieved despite the effects of the pandemic between 2020 and 2021.

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He spoke in Lagos when the authority hosted members of the Senate and House of Representatives committees on aviation during an oversight visit to the FAAN headquarter..

Daily Trust reports that the contribution is the 25 per cent remittance FAAN is required to contribute to the Federation Account from its Internally Generated Revenue (IGR) annually.

FAAN has been pushing for the suspension of the remittance to enable it to redirect the fund into airport infrastructure in line with the ICAO requirements even though there are moves to increase the remittance to 40 per cent by the federal government.

Capt Yadudu decried the level of infrastructural gaps in the country’s aviation sector, saying agencies urgently needed intervention funds from the federal government to address infrastructural gaps and position the industry for better service delivery and contribution to the national economy.

He also disclosed that the authority was proposing a revenue budget of N188bn for the year 2022 as against N125.4bn approved for the year 2021, which gives an increase of 50.4 per cent.

Yadudu added that, “The authority has shifted focus from the aeronautical sources of revenue to the non-aeronautical so as to further improve the revenue performance.”