The Federal Airports Authority Tennis Club, Ikeja has called on the sports authorities to upgrade of all sporting facilities in the country to enhance sports developmentAviation stakeholders have engaged in a contentious debate over the Federal Airports Authority of Nigeria, FAAN, and the Nigerian Airspace Management Agency, NAMA, move to exit the Treasury Single Account, TSA, and reduce the 40 percent remittances of Internally Generated Revenue, IGR, to the government.
For instance, FAAN generates revenue from aeronautical and non-aeronautical operations, however, whatever it generates, the federal government takes 40 percent from source through the TSA, while the remaining 60 percent income is utilised for salaries for both agencies. He said: “Eliminating this deduction is crucial for our prosperity. We have issues of debt. Let me paint a picture for an hour in Ilorin. They do not have power and so we run on generators. That costs about N500,000 per hour given what it powers.”
“Yes, NAMA needs to be allowed to breathe, but again, how are the internal financial structures in NAMA applying a wide lens in their thinking to create new market spaces that will support the ever growing innovations in the industry. “The remaining revenue, which represents operating capital, would be left for the government to deduct from. What NAMA needs is a quantum leap in valuable creation, not appeal for help.”
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