The Federal Airports Authority of Nigeria (FAAN) said it remitted a total of N112,821,836,050.84 as contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N281,881,317.34 as remittance on 1 percent stamp duty to the Consolidated Revenue Funds Account (CRF)
The Chief Executive Officer/ Managing Director of FAAN, Mrs Olubunmi Kuku, disclosed this while making a presentation to the Committee Chairman and Members on the remittance of Internally Generated Revenue (IGR) and 1 per cent Stamp Duty Payment from 2020 – 2024 into the Consolidated Revenue Fund Account of the Federation.
She stated that cumulatively, for the period of 2020 – 2024, the FAAN remitted a total of N218,335,247,877.87 as contribution from the IIGR and a total sum of N352,263,212.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF).
Below is the full text of the Press Release on the Cumulative remittance from 2020 —2024 by the Managing Director of FAAN Mrs. Olubunmi Kuku.
BRIEF BY THE MD/CE FAAN ON THE REMITTANCE OF INTERNALLY GENERATED REVENUE (IGR) AND 1% STAMP DUTY PAYMENT FROM 2020 – 2024 INTO THE CONSOLIDATED REVENUE FUND ACCOUNT OF THE FEDERATION
The Distinguished Chairman
Distinguished Members of the Senate Committee on Finance.
Other Heads of Agencies and Directors Present
Members of the Press
Ladies and Gentlemen.
I am particularly delighted to be here to make presentation before the Distinguished Committee Chairman and Members on the remittance of Internally Generated Revenue (IGR) and 1% Stamp Duty Payment from 2020 – 2024 into the Consolidated Revenue Fund Account of the federation
Please permit me to make a brief preamble on FAAN.
PREAMBLE
- The Federal Airports Authority of Nigeria (FAAN) is a service organization statutorily charged with the management of all commercial airports in Nigeria and providing service to both passengers and cargo airlines. The Authority is responsible for creating conditions for the development of air transport and services connected with it, in the most economic and efficient manner.
The Act which established FAAN empowers the Authority to spend monies collected, on expenses and projects approved in its yearly IGR budget. The monies derived from the various revenue sources annually are spent on Personnel, Overhead and Capital Cost as well as making remittance to the Federation Account.
REVIEW OF REMITTANCES FROM 2020 – 2024
- In the year 2020 the Authority remitted a total of N3,509,961,850.66 as contribution from the Internally Generated Revenue (IGR).
It is noteworthy to mention 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 the COVID-19 Pandemic. Nonetheless, the Authority took steps to off-set the outstanding remittances on stamp duty for 2020 in the year 2021.
- In the year 2021 the Authority remitted a total of N17,175,615,171.63 as contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N17,819,183.59 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF)
- In the year 2022 the Authority remitted a total of N30,530,347,715.73 as contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N27,135,935.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF)
- In the year 2023 the Authority remitted a total of N54,297,487,089.01 as contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N25,426,776.07 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF)
- In the year 2024 the Authority remitted a total of N112,821,836,050.84 as contribution from the Internally Generated Revenue (IGR) and a cumulative sum of N281,881,317.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF)
Cumulatively, for the period of 2020 – 2024, the Authority Remitted a total of N218,335,247,877.87 as contribution from the Internally Generated Revenue (IGR) and a total sum of N352,263,212.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account (CRF)
The detailed breakdown of the various remittances is attached in our submission.
- It is pertinent to state that FAAN is committed to complying with all extant rules as relates with remittances to the Federation Account while striving to develop and profitably manage the airports facilities for safe, secure and efficient carriage of passengers and goods at world-class standards of quality, in line with our mandate.
- In conclusion, I will like to reiterate that, Airport Business is global, technical, highly regulated with huge infrastructure requirement. Nigeria is expected to be a hub in West Africa/Central Africa Sub-Region, this expectation can only be met with more funding to ensure provision of modern and up to date infrastructure and technology, this we believe can be achieved with your support.
Thank you, Distinguished Chairman and Committee members.
Mrs Olubunmi Kuku
Managing Director/CE
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