FAAN targets N101.6bn revenue in 2019

By InstinctBusiness Mar 28, 2019 0

The Federal Aviation Authority of Nigeria has said it remitted a total sum of N1,778,611,364 to the Consolidated Revenue Fund in 2018 while having a revenue target of N101,673,038.972.

The Managing Director, FAAN, Mr Saleh Dunoma, made this known in Abuja recently when he appeared before the House of Representatives Committee on Aviation to defend the agency’s proposed budget for 2019.

Dunoma, while speaking on the budget performance of FAAN in 2018, said, “As at December 31, 2018, the authority had remitted a total of N1,778,611,364 as contribution to the Federation Account for the year 2018.

“It is pertinent to note that the authority had only made an Interim Payment of Operating Surplus totalling N1,778,611,364 to the CRF as at December 31, 2018 in anticipation of the conclusion of our Financial Statement Audit as guided by the SGF Circular Section C (ii).

“The interim payment made so far against the provision of 25 per cent in the IGR Budget is payment on account. It will be reconciled after the audit of financial statement for 2018 to determine the final operating surplus in line with the Fiscal Responsibility Act provision and the circular from the Office of the SGF.”

Dunoma further said the approved revenue estimate for the year (net statutory charges to NIMET) totalled N88,805,462,776, with N50,369,889,474 from aeronautical sources, N22,451,418,097 from the non-aeronautical sources, and N17,638,868,276 from outstanding debts.

He said the actual performance from the aeronautical sources was N50,378,872,666, which represented 100.02 per cent of the target for the year. He added that N12,351,330,073 was generated from non-aeronautical sources, which represented 55.01 per cent of the target for the year.

Dunoma stressed that debt recovery was N4,206,516,745 or 23.85 per cent of the year’s target.