Key Points
- FCT-IRS generated ₦252 billion, surpassing its 2024 revenue target.
- Reforms include high-net-worth taxation and inter-agency collaborations.
- Future focus includes stamp duties, property, and gaming taxes.
According to Federal Capital Territory Internal Revenue Service (FCT-IRS) acting executive chairman Michael Ango, the agency collected more than ₦252 billion in taxes in 2024. This represents 101% of the agency’s 2024 objective of ₦250 billion, a 19% increase over the ₦211 billion received in 2023.
FCT-IRS achieves record-breaking ₦252 billion tax revenue in 2024
Speaking at an Abuja end-of-year briefing on Thursday, Ango credited the accomplishment to the hard work of the management and employees of FCT-IRS.
“The council had successfully raised about ₦252 billion in tax income for the year 2024 as of Wednesday, December 18, 2024, when business ended.
“The FCT-IRS staff and management have continuously shown exceptional commitment to the growth and financial sustainability of the FCT, and this outstanding performance is a testament to their unwavering dedication and hard work,” Ango added.
He emphasized the revenue gain as noteworthy, pointing out that by December 18, the agency had received ₦252,825,487,775.71, a 19.8% increase over the ₦211,100,288,136.36 earned the year before.
“The dedication of our employees, the administration of FCT-IRS, and the assistance of numerous secretariats, departments, and agencies within the FCT made this accomplishment possible,” he continued.
To enhance tax collection and enforcement, the FCT-IRS has also improved partnerships with the Federal Inland Revenue Service, Joint Tax Board, Nigerian Financial Intelligence Unit, and FCT Judiciary.
Stamp duties, gaming, and property taxes to drive future revenues
Ango highlighted the agency’s emphasis on underutilized revenue streams, such as entertainment tax, capital gains tax, and stamp duties, as it looks to the future. Additionally, there are plans to impose property taxes as well as taxes on gambling, betting, and pools.
“These actions are intended to assist the FCT minister in implementing administrative and infrastructure reforms,” Ango stated.
As stated by Business day, he pointed out that ambitious undertakings like building roads, schools, and hospitals will be funded by internally generated money. In order to do this, the agency is stepping up its efforts to improve the collection of current revenue sources and increase public knowledge of tax obligations.
Ango thanked the Senate, the House of Representatives, and the chairmen of the Area Councils for helping the agency meet its revenue targets.
In particular, he commended the Senate and House Committees on the FCT for their unwavering support, which were headed by Senator Ibrahim Mohammed Bomai and the Honorable Muktar Aliyu Betaraa.
“We have reached this milestone thanks in large part to your unwavering support,” he stated.
By supporting infrastructure initiatives and promoting reforms to guarantee the Federal Capital Territory’s financial sustainability, the FCT-IRS hopes to expand on this year’s achievements.
