FAAN Releases 2020 Financial Account, Says It Remitted N2b To CRF,

The Federal Airports Authority of Nigeria (FAAN) said it remitted the sum of N2 billion into the Consolidated Revenue Fund (CRF) account between January and September, 2020.

This was disclosed by Captain Rabiu Yadudu, Managing director of FAAN, at the oversight visit of the House of Representatives Committee on Aviation to the Authority on Tuesday in Lagos.

According to Yadudu, the authority’s Generated Revenue (IGR), within the period of nine months is N30, 084, 235, 670, and N27, 967, 455, 341 actual  collection.

N17, 610, 732, 427 was from Aeronautical source of revenue

N5,776, 622, 874 from non-aeronautical source

N5, 242,434,128 recovered from outstanding debts owed.

According to Yadudu: “FAAN does not have operating surplus.  However, between January and September 2020, the Authority has remitted about N2 billion to the Consolidated Revenue Revenue Fund (CRF) account. The Authority is also mindful of the National Assembly committees on Aviation in ensuring that FAAN is exempted from payment of operating surplus to the Federal government.  Exception of FAAN will guarantee that the revenue generated by the airports is transparently reinvested wholly in operating and developing airport facilities in compliance with International Civil Aviation Organisation (ICAO) standards and recommended practices on airport generated revenue.”

“The Authority is shifting focus from Aeronautical sources of revenue to non-aeronautical, FAAN is presently operating at only about 30 percent of its pre-COVID  capacity. The Authority has set up a revenue task force to aggressively drive revenue, follow up on outstanding debts owed and explore all possible investment opportunities” , he said.

While appealing to the committee for early consideration of the IGR budget, Yadudu said such will enhance performance of the Authority.

“The 2021 IGR budget was submitted to the committee for consideration, we believe that early consideration and passage will enable achieve better in 2021.”

Speaking further, he said: ‘Nigeria s expected to be a hub in West/Central Africa sub-region, adding that this can only be met through more funding for provision of modern infrastructure and technology, this we believe can only be achieved with your support’

“The aviation agencies will urgently need intervention funds from the Federal government to address infrastructural gaps and position the industry for better service delivery and contribution to the national economy, on this note, we seek your assistance in this area and the other aforementioned areas” , he added.

He thanked the committee for its efforts at repealing existing aviation agencies act and enacting new ones , adding that it will position the agencies for greater and better achievements.

Meanwhile, the FAAN MD has said that salaries are paid in full to staff, dispelling rumors that the Authority has been paying half salaries.

He said they may have challenge in paying everybody at the same time but ‘nobody receives half salary in FAAN, “we always say half salary is no salary.”



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