Mrs Olubunmi Kuku, the Managing Director of FAAN, disclosed this on Wednesday during her presentation to the Senate Committee on Finance in Abuja.
She explained the authority’s financial contributions from 2020 to 2024, stressing the consistent growth in revenue remittance.
Hear her, “In 2020, FAAN remitted N3.51 billion in IGR contributions and N17.82 million as 1% stamp duty to the CRF.
“Also, in 2021, the authority remitted N17.18bn in IGR contributions and N17.82m as 1% stamp duty.”
According to her, “In 2022, the remittance grew to N30.53bn in IGR contributions and N27.14m as 1% stamp duty.
“2023, FAAN contributed N54.30bn in IGR and N25.43m as 1% stamp duty. 2024, the authority made its highest annual contribution yet, remitting N112.82bn in IGR and N281.88m as 1% stamp duty.”
Summing up the period from 2020 to 2024, Kuku said, “Cumulatively, the authority remitted a total of N218.34 billion as contributions from the Internally Generated Revenue and N352.26 million as 1% stamp duty remittances to the CRF.”
Kuku attributed the revenue growth to improvements in operational efficiency and revenue collection mechanisms.
She reaffirmed FAAN’s commitment to enhancing its financial contributions to the federal government’s coffers through strategic innovations and improved service delivery.
