FCT-IRS Generates N252bn Revenue – Chairman
The acting Executive Chairman of the Federal Capital Territory Internal Revenue Service, Michael Ango, has disclosed that the agency generated over N252bn in 2024 as of the close of business on December 18.
The Chairman stated this at an end-of-year briefing in Abuja on Thursday.
Ango said the generated income represents a 19 per cent increase from the previous year’s internally generated revenue of N211bn and 101 per cent of the 2024 revenue projection of N250bn.
He added that the performance was due to the efforts of staff and management of the FCT-IRS, while also appreciating Area Council Chairmen, the Senate, and the House of Representatives for their support in achieving the target.
“As you may be aware, the FCT-IRS reported a total revenue collection of N211,100,288,136.36 for the 2023 fiscal year from all sources. I am pleased to report that as of the close of business yesterday, Wednesday, December 18, 2024, we have a total collection of N252,825,487,775.71 which represents a 19.8 per cent increase on last year’s collection and is about 101 per cent of our target of N250.2bn for 2024.”
“This performance was due to the efforts of our staff, the Management of the FCT-IRS, and of course the support from other secretariats, departments, and agencies of the FCT who have all been supportive and have collaborated with the FCT.
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“I must also mention the support and understanding that we have obtained from the Area Council and other agencies of government within and outside the FCT. I also want to note the support of the Senate and House of Representatives Committees on the FCT and particularly the support and guidance of the respective Chairmen, Muktar Betara and Ibrahim Bomai, who have provided all the support and guidance we have needed,” he said.
Highlighting the achievements of the IRS since his appointment as Acting Chairmen in August 2024, Ango noted the expansion the creation of the Department of Audit, Debt Management and Enforcement, which did not previously exist, creating a High Networth Individuals Unit, focused on taxation of HNIs in Abuja, and strengthening collaboration with the Nigerian Financial Intelligence Unit, Federal Inland Revenue Service, Joint Tax Board, and the FCT Judiciary.
He further stated that the service will focus on uncollected existing revenue, such as Stamp Duties and Capital Gains Tax, as well as implementing property taxes in the FCT “and other such Pools, Betting and Gaming taxes”, to support the infrastructure and administrative reforms of the FCT minister.
“As we are all aware, the Minister of the FCT is undertaking an aggressive infrastructural transformation of the FCT, he is building roads, schools, hospitals, etc, and has also carried out administrative reforms in the FCT, by creating an FCT civil service, amongst other significant reforms he is carrying out.
“All these activities require funding which will have to come from the internally generated revenue in the FCT. This is why we are focusing on existing revenue that was hitherto not fully collected in the FCT such as stamp duties, capital gains tax, and entertainment tax amongst others,” he stated.
