FAAN remits 16.7 billion FG, proposes budget of N188 billion for 2022.

The Federal Airports Authority of Nigeria (FAAN) has deposited N16.7 billion into the Federation Account’s consolidated revenue fund for the year 2021, according to the authority.

FAAN’s Managing Director, Capt Rabiu Yadudu, stated that this was accomplished despite the pandemic’s effects between 2020 and 2021.

During an oversight visit to the FAAN headquarters in Lagos, he spoke to members of the Senate and House of Representatives committees on aviation.

The contribution is the 25% remittance FAAN is required to make to the Federation Account from its Internally Generated Revenue (IGR) each year.

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FAAN has been pushing for the suspension of the remittance to enable it 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 percent.

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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.”