Aviation Agencies Face Bankruptcy Due to Government Deductions
Stakeholders in Nigeria's aviation sector are warning that government deductions from aviation agencies' revenues may lead to severe financial distress and potential bankruptcy. The Federal Airports Authority of Nigeria (FAAN) reported a remittance of ₦281,881,317.34 to the federal government's Consolidated Revenue Fund (CRF) for 2024, with expectations to remit ₦150.4 billion during the fiscal year.
The Nigeria Civil Aviation Authority (NCAA) anticipates generating ₦372.23 billion but may only remit ₦218 billion. These deductions are crippling the agencies' ability to fulfill financial obligations, including salaries and critical projects.
Stakeholders, including aviation professionals and union representatives, are urging the government to stop these deductions and reinvest the funds back into the aviation sector. Captain Musa Nuhu, a former director general of NCAA, emphasized that the NCAA is not a revenue-generating agency and cannot sustain operations under the current financial strain.
Plus234Feed summary based on reporting from This Day. Read the original report below.
Read full article
Continue on This Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Stakeholders Urge FG Support for Ground Handlers Amid Debt
FG Offers Airlines Debt Discounts Amid Fuel Price Surge
NCAA Urged to Seek Additional Funding Amid Financial Crisis
Foreign Airlines Owe NAMA Over N67 Billion in Charges
Nigerian Aviation Sector Faces Debt Dispute with NCAA
NCAA and Airlines Face N20 Billion Debt Crisis
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
