FG Loses $90m Yearly To Lagos Airport Concession — Reps

The House of Representatives has said the federal government loses over $90 million annually due to alleged shady deals involved in the concession of the local and international wings of the Murtala Muhammed Airport, Lagos by the Federal Airports Authority of Nigeria (FAAN).

This was disclosed by the Chairman, House Adhoc Committee investigating the lease of Federal Government-owned assets, Daniel Asuquo, at a two-day public hearing on Tuesday.

He said the loss is among the various losses being incurred as there were others being from the maritime sector.

According to him, Nigeria is losing billions as a result of the shoddy concession of its 26 ports to private companies.

“The tenures of the NPA concession agreements range from 15 to 25 years and the estimated revenue to the government from the concessions is estimated at over $6.54 billion over the period.

“However, JV companies have allegedly only realized an estimated sum of $3 billion since 2005 out of the total sum.

“All these concession and lease agreements were made to ensure infrastructure development and promote economic growth.”

In his address earlier, the Speaker, House of Representatives, Femi Gbajabiamila who was represented by the House Leader, Alhassan Doguwa, said Nigerian economy requires robust effort through innovations to design, fund and implement a sound critical public infrastructure utilisation to generate revenue.