• Sunday, December 03, 2023
businessday logo


FAAN targets self financing by 2015, generates N100m from Lagos airport


The Federal Airports Authority of Nigeria (FAAN) said it could start operating independent of the Federal Government budget as revenue that would be generated by it would drive its operations beginning from 2015.

This is just as it disclosed that it has so far generated over N100 million from the newly remodeled domestic airport in Lagos since it was commissioned.

George Uriesi, managing director of FAAN, who made these disclosures in Lagos when members of the House of Representatives’ Committee on Aviation came on an oversight visit to aviation agencies, said though the agency has experienced some shortfall in expected revenue, its anticipated projection for the year is still on course since the remodeled facilities across the country are beginning to attract revenue from non-aeronautical sources.

The Lagos airport, known as General Aviation Terminal, was commissioned on October 22, 2012 by the secretary to the government of the federation, Anyim Pius Anyim, after it was remodeled.

According to Uriesi, the agency is currently carrying out 73 projects nationwide simultaneously which when completed will boost its revenue base toward its financial sustainability by 2015.

He disclosed that non-payment of revenue by major airlines also has hampered the revenue base of the agency but affirmed that they have entered into discussions on how they (airlines) and others will remit their revenue to FAAN.



added that in order to meet up with the projection, the agency has to cut down its overhead cost and judiciously utilise its limited resources.