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FAAN Laments 95% Revenue Fall, Hikes Service Charges By 100%

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The Federal Airports Authority of Nigeria (FAAN), yesterday, said that its revenue has dropped by over 95 per cent in the wake of the lockdown declared to curtail further spread of Covid-19.
Its Managing Director, Rabiu Yadudu, said this at a press conference in Abuja while responding to a question on why FAAN decided to effect a 100 per cent increase in Passenger Service Charge at this time.
The increase of PSC from N1,000 to N2,000 per passenger for domestic flights, Yadudu said, would take effect from September 1, and had been communicated to all airlines.
“The increase is a matter of necessity. Our revenue is down by over 95 percent. In that case, we will do whatever we can legitimately to ensure we carry out our duties.
“We need to survive. There is no better time than now for FAAN to do this,” he said.
Describing airport management as capital intensive, Yadudu noted that FAAN has not increased PSC since 2011 despite all the huge capital investments at the nation’s airports.
He said the current N1,000 charge was no longer realistic and that it did not correlate with realities of cost-related inflation rate which the Central Bank of Nigeria (CBN) put at 12.82 per cent.
The managing director said FAAN, until late 2019, was collecting naira equivalent of PSC at an official rate of between N305.50 and N344.38 to a dollar while airlines were collecting at subsisting market rate of about N362 to a dollar.
He added that the Federal Government is increasing its direct deduction from FAAN to 40 per cent from 2021.
He said with such deduction, FAAN will have a shortfall of over N16billion on overhead cost, hence, the authority decided to engage the government in order to be exempted from the deduction.
Yadudu said, “It has, therefore become imperative to review the Passenger Service Charge from N1,000 to N2,000 per passenger.
“This review which takes effect from September 1, 2020, has already been communicated to the airlines.
“We, therefore, implore stakeholders, airport users and the general public to bear with us as FAAN is laden with so much overhead cost of operation.”
The managing director said as the nation prepares for the resumption of scheduled international flights, new advisories for airlines and air travellers would be rolled out.
He said the advisories would be made public as soon as they are ready.
While answering a question on the latest on the latest on the alleged violation of Covid-19 protocols by VIPs at the nation’s airports, Yadudu said the task was being handled by the Nigerian Civil Aviation Authority (NCAA) and the they nation would hear from the authority as soon as it is ready.
He also said the NCAA was working with the Ministry of Aviation and airlines on the planned resumption of scheduled international flights.
“Don’t let us assume all airlines will be ready by that time. We are opening our door, it is left for the airlines to come through the door,” he said about the resumption in international flights.

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Nigeria Loses N17tr Yearly To Abandoned Projects

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The Federal Government has disclosed that it has lost an estimated N17 trillion to abandoned and uncompleted projects across the country.

The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).

He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.

Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services

He cited examples of  that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.

The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.

He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.

Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.

He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.

The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.

He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.

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Transcorp Power seeks sustained investment across Nigeria’s electricity value chain

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Transcorp Power Plc Managing Director and Chief Executive Officer Peter Ikenga has called for sustained investment across Nigeria’s electricity value chain to improve power supply and make the sector self-sustaining.

Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.

He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.

The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.

“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.

Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.

He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.

He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.

The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.

Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.

On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.

He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.

Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.

“Everything in the value chain has to work,” he said.

He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.

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FG generates N33tn revenue in 10 months – Oyedele

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The Federal Government generated a record of N33tn in revenue between January and October 2026, with improvements in digital tax administration and electronic invoicing boosting collections.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed
this while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, where he called for greater investment in Nigeria’s digital infrastructure to strengthen economic competitiveness and government revenue mobilisation.

This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.

The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of  N33tn in government revenue collected between January and October 2026.”

The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.

Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.

Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.

He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.

However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.

According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.

He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.

The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.

He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.

Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.

He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.

The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.

Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.

“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.

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