Federal Airports Authority of Nigeria, FAAN, on Wednesday disclosed that it has recovered over N5bn outstanding debts by airlines and other airport users.
The agency further disclosed that it has remitted N2billion into the Consolidated Revenue Fund, CRF account between January and September 2020, stating that the outstanding debts were a total of N5, 242,434,128.
Managing Director of FAAN, Capt. Rabiu Yadudu made the disclosure while briefing the visiting members of the House of Representatives Committee on Aviation who were on oversight function in Lagos.
Yadudu further appealed to the committee to expedite action on legislation that will help the agency fast-track its operations across the country’s airports.
“FAAN does not have an operating surplus. However, between January and September 2020, the Authority has remitted about N2 billion to the Consolidated 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. The exception to 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 Organization (ICAO) standards and recommended practices on airport generated revenue,” he said.
Giving a breakdown of the recovery, he said: “as of September 30, 2020, the 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 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 Aeronautical source was N38, 988, 439, 354 and actual generation totaled 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”.
Dispelling rumors that it has hitherto been paying half salaries to FAAN workers, the MD told the committee that salaries of its staff are paid in full.
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