The Nigeria Civil Aviation Authority (NCAA) has identified key factors responsible for its revenue underperformance, citing inefficiencies in revenue collection and cost recovery.
Speaking at the Aviation Finance and Revenue Assurance Summit in Lagos, the Director-General of Civil Aviation (DGCA), Chris Najomo, highlighted gaps in collaboration between the NCAA and domestic airlines as a major setback.
Represented by Olufemi Odukoya, NCAA’s Director of Finance and Accounts, Najomo emphasized that the disparity between revenue generated and actual collection is hindering the agency’s financial optimization.
According to him, poor working capital management among Chief Financial Officers (CFOs) of domestic airlines, coupled with a lack of awareness regarding statutory financial obligations, has contributed to delayed remittances and inefficient revenue reporting. He stressed that improving these areas would enhance financial transparency and compliance with international aviation standards.
Najomo further noted that the current economic challenges in Nigeria require innovative strategies to drive the growth and sustainability of the aviation sector. He reaffirmed the federal government’s commitment to economic restoration through President Bola Tinubu’s eight-point agenda and the five-point aviation strategy led by Minister of Aviation and Aerospace Development, Festus Keyamo.
Meanwhile, aviation consultant Michael Awa, in his presentation at the summit, urged airline CFOs to stay updated on regulatory changes from global aviation bodies like the International Civil Aviation Organisation (ICAO) and the International Air Transport Association (IATA). He also stressed the importance of prompt financial reconciliation with regulatory agencies, particularly the NCAA, to ensure smoother operations.
The NCAA expressed optimism that the summit would serve as a turning point in improving regulatory efficiency, boosting revenue recovery, and enhancing service delivery in Nigeria’s aviation sector.
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