By Mercy Adi
The Federal Airports Authority of Nigeria (FAAN) has announced that it remitted over N218 billion in Internally Generated Revenue (IGR) into the country’s Consolidated Revenue Fund (CRF) over the past five years.
Mrs. Olubunmi Kuku, Managing Director of FAAN, disclosed this during her presentation to the Senate Committee on Finance in Abuja. She highlighted the authority’s financial contributions from 2020 to 2024, showcasing a steady growth in revenue remittance.
“In 2020, FAAN remitted N3.51 billion in IGR contributions and N17.82 million as 1% stamp duty to the CRF,” Kuku said. “Also, in 2021, the authority remitted N17.18 billion in IGR contributions and N17.82 million as 1% stamp duty.”
Kuku further stated that in 2022, the remittance grew to N30.53 billion in IGR contributions and N27.14 million as 1% stamp duty. In 2023, FAAN contributed N54.30 billion in IGR and N25.43 million as 1% stamp duty. The authority made its highest annual contribution yet in 2024, remitting N112.82 billion in IGR and N281.88 million as 1% stamp duty.
“Cumulatively, the authority 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,” Kuku said.
Kuku attributed the revenue growth to improvements in operational efficiency and revenue collection mechanisms. She reaffirmed FAAN’s commitment to enhancing its financial contributions to the federal government’s coffers through strategic innovations and improved service delivery.¹