HomeNewsHow FCTA Plans to Generate N250 Billion Monthly from Internal Revenue

How FCTA Plans to Generate N250 Billion Monthly from Internal Revenue

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The Federal Capital Territory Administration (FCTA) has announced its plan to boost its monthly internally generated revenue (IGR) to N250 billion by mobilizing its revenue-generating agencies and streamlining taxation. This was disclosed by Mr Chinedum Elechi, the Mandate Secretary of the Economic Planning, Revenue Generation and Public Private Partnership (EPRGPP) Secretariat, FCTA, on Friday in Abuja.

Elechi said that the FCTA had the capacity to generate between N200 billion and N300 billion a month as IGR, depending on the economic situation. He said that the FCTA was determined to make Abuja one of the most developed capital cities in the world by harnessing its full revenue potential.

He added that the FCTA would also ensure that taxation had a human face and avoid multiple taxation. He urged the citizens to pay their taxes when due, as this would enable the FCTA to provide better services and infrastructure.

Elechi said that the meeting with the revenue-generating agencies was necessary to align their goals and strategies with the renewed hope agenda of President Bola Tinubu, who had tasked the FCTA to grow its IGR. He said that the FCTA would also incentivize performance by rewarding agencies based on what they generated.

He also said that the FCTA would work in synergy with the agencies to block revenue leakages and ensure that all revenue due to the FCTA went to the FCTA. The FCTA would also leverage technology and innovation to improve revenue collection and administration.

He explained that the FCTA was ready to run with IGR, and whatever came from the federation account would be extra. The Minister of the FCT, Mr Nyesom Wike, had made it clear that he was prepared to run the FCTA with IGR.

Some of the revenue-generating agencies at the meeting included the Abuja Geographic Information System, the FCT Inland Revenue Service, the Department of Outdoor Advertising and Signage, the FCT Water Board, the Health and Environmental Services Secretariat, the Agriculture and Rural Development Secretariat, Abuja Environmental Protection Board, Transport Secretariat, among others.

The FCTA’s plan to boost its IGR aligns with the federal government’s efforts to diversify its revenue sources and reduce its dependence on oil. The federal government has recently launched a national tax dialogue to address the challenges of low tax revenue and improve tax compliance in Nigeria.

The FCTA’s plan is also expected to impact the development of Abuja and its environs positively and create more opportunities for businesses and residents. The FCTA has assured that it will use its IGR judiciously and transparently for the benefit of all stakeholders.

Source: Business Day

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