Only 3 of 22 Nigerian airports profitable – FAAN

The Federal Airports Authority of Nigeria (FAAN) said on Tuesday only three of the 22 airports in Nigeria are profitable.

The Managing Director of FAAN, Olubunmi Kuku, passed this verdict while appearing on Channels TV’s breakfast program, The Morning Brief.

She said the authority is cross-subsidising the other 19 airports and would continue to do so for some of the new ones being developed.

Kuku said: “I would say that based on the stats today, only three of the 22 airports are actually profitable and contribute largely to the sustenance of the airport companies that we run.

“I would also say that we are cross-subsidising the other 19 airports today and in most instances, we will substitute or cross-subsidise for some of the airports that are coming on board as well.”

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She said FAAN contributes 50 percent of its revenue to the federal coffers which is a major challenge, adding that the authority is in discussions with the various arms of government to seek some relief.

“I started by saying that we have 22 airports which we own and manage.

“We also have about six or seven airports that are either owned by state governments or private individuals or entities which we also support with either aviation security or fire and rescue services.

“We have several states in the north as well as in the South-West that are coming up with new airports,” the FAAN chef stated.

By: Babajide Okeowo

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