FAAN remits N218.3bn IGR to federation account in 5 years

The Federal Airports Authority of Nigeria (FAAN) on Wednesday said it remitted N218.3bn as contribution from the Internally Generated Revenue (IGR) and a total sum of N352,263,212.34 as remittance on 1 per cent stamp duty to the Consolidated Revenue Funds Account (CRF) for the period of 2020 – 2024. The Managing Director/Chief Executive of the […]

The Federal Airports Authority of Nigeria (FAAN) on Wednesday said it remitted N218.3bn as contribution from the Internally Generated Revenue (IGR) and a total sum of N352,263,212.34 as remittance on 1 per cent stamp duty to the Consolidated Revenue Funds Account (CRF) for the period of 2020 – 2024.

The Managing Director/Chief Executive of the authority, Mrs. Olubunmi Kuku, disclosed this during a presentation before the Senate Committee on Finance 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.

Kuku while giving a breakdown of the remittance disclosed that in the year 2020 the Authority remitted a total of N3,509,961,850.66 as contribution from the Internally Generated Revenue.

She explained 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,” she said.

She added that In the year 2021 the Authority remitted a total of N17,175,615,171.63 as contribution from the IGR and a cumulative sum of N17,819,183.59 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account.

She added that in the year 2022 the Authority remitted a total of N30,530,347,715.73 as contribution from the Internally Generated Revenue and a cumulative sum of N27,135,935.34 as remittance on 1% stamp duty to the Consolidated Revenue Funds Account.

“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,” Kuku revealed.