The management of the Federal Airports Authority of Nigeria (FAAN) has said the target of an estimated 50.4 per cent increase in it revenue generation could yield the agency it proposed Revenue Budget of N188 billion in 2022.
The figure supercedes the previous N125.4 revenue the country’s airports management body approved for the year 2021, the Managing Director of FAAN, Capt. Rabiu Yadudu told a team of the national assembly legislators who were on an oversight visit to the Lagos airport over the weekend.
The MD disclosed the FAAN was not immuned to the devastating effects of the COVID-19 pandemic that has affected airports revenue affirming that recovery to pre-COVID status may take between three and four years.
Yadudu said “At the moment, the Passenger Traffic is still about 56 per cent of Pre-COVID traffic. Nonetheless, the year 2021 was a better year when compared with 2020. even though FAAN does not have operating surplus, the authority had to remit N16.7 Billion to the Federation Account as contribution to the Consolidated Revenue Fund as at the end of December 2021, for the year 2021 alone”
He told the legislators that “the authority is proposing a Revenue Budget of N188 Billion for the year 2022 as against N125.4 billion approved for the year 2021, this gives an increase of 50.4 per cent.
