FAAN Remits N218bn into federation account in 5 year

The Federal Airports Authority of Nigeria (FAAN) remitted N218.335 billion as internally generated revenue (IGR) and a total sum of N352.263 million as remittance on one per cent Stamp Duty to the Consolidated Revenue Funds Account (CRF) for the period of 2020 – 2024, Mrs Olubunmi Kuku, Managing Director of the Authority, has said.

She disclosed on Wednesday during a presentation before the Senate Committee on Finance about the remittance IGR and Stamp Duty payments. Giving a breakdown of the remittances, Kuku disclosed that in 2020, the Authority remitted a total of N3.509 billion as IGR, adding, however, that within the year 2020 and the early part of the year 2021, the Authority had major challenges with making remittances on stamp duty owing to the effect of COVID-19.



“Nonetheless, the Authority took steps to offset the outstanding remittances on stamp duty for 2020 in the year 2021,” she said. She added that in 2021, the Authority remitted a total of N17.175 billion as a contribution from the IGR and a cumulative sum of N17.

819 million as remittance on one per cent Stamp Duty to the Consolidated Revenue Funds Account. She further added that in 2022, the Authority remitted a total of N30.530 billion as a contribution from the IGR and a cumulative sum of N27.

135 million as remittance on one per cent Stamp Duty. ”In the year 2023, the Authority remitted a total of N54.297 billion as IGR and a cumulative sum of N25.

426 million as remittance on one per cent Stamp Duty into the account. “In the year 2024, the Authority remitted a total of N112.821 billiin as a contribution from IGR and a cumulative sum of N281 million as remittance on one per cent stamp duty into the account.

“Cumulatively, from 2020 to 2024, the Authority remitted a total of N218.335 as IGR and a total sum of N352.263 million as remittance on one per cent Stamp Duty into the Account,” Kuku revealed.

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