The Federal Capital Territory Internal Revenue Service (FCT-IRS) has announced a record revenue collection of ₦252.8 billion for 2024, surpassing its target of ₦250 billion by 101% and marking a 19% increase from the previous year’s figure of ₦211 billion.
The Acting Executive Chairman of FCT-IRS, Michael Ango, disclosed this during the agency’s end-of-year briefing in Abuja on Thursday.
“As of the close of business on Wednesday, 18 December 2024, we have a total collection of ₦252,825,487,775.71. This represents a 19.8% increase on last year’s collection and is about 101% of our target for 2024,” Ango stated.
He attributed the agency’s strong performance to the commitment of its staff, effective management strategies, and the collaborative support from various stakeholders, including the Area Council Chairmen, the Senate, and the House of Representatives.
“This performance was due to the efforts of our staff, the management of the FCT-IRS, and the support from other secretariats, departments, and agencies of the FCT. I must also acknowledge the collaboration with the Area Councils and other government agencies within and outside the FCT.
I particularly want to thank the Senate and House of Representatives Committees on the FCT, as well as their respective Chairmen, Honourable Muktar Aliyu Betara and Ibrahim Mohammed Bomai, for their unwavering support and guidance,” he added.
Achievements Under Ango’s Leadership
Ango, who assumed office in August 2024, highlighted several key milestones achieved under his leadership. These include the creation of the Department of Audit, Debt Management, and Enforcement, as well as the establishment of a High Net Worth Individuals Unit to ensure effective taxation of wealthy individuals in Abuja.
Other achievements include strengthened collaborations with agencies such as the Nigerian Financial Intelligence Unit (NFIU), the Federal Inland Revenue Service (FIRS), the Joint Tax Board (JTB), and the FCT Judiciary.
Focus on New Revenue Streams
Looking ahead, Ango outlined plans to enhance revenue generation by targeting previously underutilized streams such as Stamp Duties, Capital Gains Tax, and Entertainment Tax. He also revealed plans to introduce property taxes and expand taxation on pools, betting, and gaming in light of recent Supreme Court decisions.
“As we are all aware, the Honourable Minister of the FCT is undertaking aggressive infrastructural transformations, including the construction of roads, schools, and hospitals. These activities require funding, which must come from the internally generated revenue in the FCT,” Ango explained.
The FCT-IRS also intends to launch public education campaigns to raise awareness among Abuja residents about their tax obligations.
“With these measures, we are confident in sustaining our performance and contributing significantly to the development of the FCT,” Ango concluded.
The announcement underscores the FCT-IRS’s pivotal role in funding the Federal Capital Territory’s infrastructure and administrative reforms, aligning with its mission to boost revenue for sustainable development.
