FAAN remitted N2 billion to Nigeria’s consolidated account in nine months ― MD

The Federal Airports Authority of Nigeria (FAAN) said that it remitted N2 billion into Nigeria’s Consolidated Revenue Fund (CRF) account between January and September 2020

The Managing Director of FAAN, Captain Rabiu Yadudu dropped this hint to the visiting members of the House of Representatives Committee on Aviation on Tuesday.

Yadudu who said FAAN presently did not have any operating surplus, appealed to the committee to expedite action on legislation that will help the agency fast-track its operations across the country’s airports.

His words: “FAAN does not have an 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.”

As at September 30, 2020, Yadudu said FAAN generated a total of N30,084,235,670, during the nine months target set, out of which N27,967,455,341 was actual collection.

“From this amount, N17,610,732,427 was from the aeronautical source of revenue, N5,776,622,874 from non-aeronautical sources and N5,242,434,128 recovered from outstanding debts owed.

”From January to September 2020, the revenue target of the aeronautical source was N38,988,439,354 and actual generation totalled N17,823,332,992 out of which N17,610,732,478 is actual collection giving a percentage performance of 98.81 on revenue collected over generated.

“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 added.

Calling on the lawmakers to give accelerated attention to the agency’s budget, Yadudu declared: “The 2021 IGR budget was submitted to the committee for consideration, we believe that early consideration and passage will enable us to achieve better in 2021.

“Nigeria is expected to be a hub in West/Central Africa sub-region,” adding that this can only be met “through more funding for the 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.”

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

ICYMI: Nigeria Back Into Recession, Worst Since 1987

Nigeria is back into a recession. This time, it is the worst the country has experienced since 1987…

ICYMI: Why We Can’t Call Off Strike Now –ASUU 

It is still uncertain whether the ongoing strike by the Academic Staff Union of Universities (ASUU) will end soon as the president of the union, Professor ‘Biodun Ogunyemi has said there are certain steps to be taken to reach a final conclusion on the issue…

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More