FCT Generated Over N126.5bn Revenue in Six Months

The Federal Capital Territory Internal Revenue Service, FCT-IRS, has said it generated over N126.5 billion in the first half of 2024, H1’24, a 53.5 percent increase over the N82.45 billion collected in the corresponding period of 2023.

Speaking on the collections, Executive Chairman of the Service, Haruna Y. Abdullahi, stated: “We are delighted to state that our mid-year collection for 2024 is 53.5% higher than our mid-year collection for 2023, the collection is higher by N44,076,516,599.5 in comparison to the N82,459,251,841.80 realized in the first half of 2023.

According to him, the growth highlights the agency’s commitment and determination to overcome obstacles while striving to boost revenue generation.

He said the Service achieved such impressive results within six months amidst economic challenges by leveraging technology and building one of the most functional E-service portals in the revenue sector.

Abdullahi added that the FCT-IRS has commenced an enforcement drive to tackle tax evasion and ensure the collection and accounting of all revenue accruable to the FCT.

He stated further: “Non-compliant businesses have been sealed, and appropriate legal actions taken to recover all tax liabilities and ensure timely payment of subsequent taxes.

“While the service has not reached its desired state, we have made giant strides that have put us in a better position to deliver on our mandate. We are also working tirelessly to surpass our 2024 revenue target by the year’s end, by remaining focus and sustaining the momentum.

“We are currently optimizing and upgrading our technology to improve tax compliance, reduce costs, and enhance efficiency, to build a more resilient tax system that will enhance revenue generation while making tax paying process seamless for our taxpayers”.