The Nation Newspaper FAAN: Transfer of 40% IGR to Govt affecting infrastructure upgrade
The agency’s woes, The Nation learnt are the result of dwindling financial resources and the application of the 40 per cent statutory transfer of Internally Generated Revenues to the Federal Government in fulfillment of the Treasury Single Account requirement for revenue generating agencies.
Yadudu said if FAAN was allowed to retain its IGR, the agency would have been able to plough-back the revenues into the sector for the purpose of infrastructure development as it is done in other parts of the world. He said FAAN is a self funding agency and has a workforce of over 8,000 whose jobs require constant training and retraining.
FAAN is poised to reduce the number of daylight airports in the country by installing airfield lighting, but this plan remains at the realm of planning because there is no money to fund such projects.