The study assessed the performance of public sector funded infrastructure in Nigeria, with a special focus on airports. It utilized secondary data obtained from the Federal Airports Authority of Nigeria (FAAN), the Nigerian Civil Aviation Authority (NCAA), and the National Bureau of Statistics (NBS) covering the period 2004 to 2016. A simple regression analyses of the data were carried out using total number of employees as the predictor variable and the total aircraft movement, total passenger movement, and total cargo movement as the dependent variables. The results of the analyses show that the p values calculated were < 0.05 alpha value, implying existence of a statistical relationship among the dependent variables (aircraft movement, passenger throughput, and cargo throughput) and independent variable (number of employees). Furthermore, the time series graphs show fluctuations in growth of the outputs (passenger throughput, aircraft movement and cargo throughput) for the Nigerian air transport system at various periods. This study has shown that there is a need for the government and stakeholders to take immediate actions in tackling factors responsible for the decline and fluctuations in the air transport industry.