The Federal Capital Territory Internal Revenue Service (FCT-IRS) has announced a record-breaking revenue collection of ₦252.8 billion for the 2024 fiscal year, surpassing its ₦250.2 billion target by 19.8%.
The Acting Executive Chairman the Federal Capital Territory Internal Revenue Service, Michael Ango, made the disclosure at an end-of-year briefing in Abuja on Thursday.
He stated that the revenue represents a 19% increase from the previous year’s internally generated revenue of ₦211bn and 101% of the 2024 revenue target of ₦250bn.
He attributed the agency’s success to enhanced collaboration, improved processes, and strategic reforms. He expressed gratitude to President Bola Ahmed Tinubu, FCT Minister Barrister Ezenwo Nyesom Wike, and other stakeholders for their unwavering support in achieving the feat.
“This remarkable performance is a testament to the dedication of our staff, the FCT Administration, and the cooperation of various government agencies. Together, we have laid the foundation for sustainable revenue growth, which is critical to the transformation of the FCT,” he stated.
He explained that ser ice implemented several initiatives in 2024 to enhance revenue collection, including Organisational Restructuring through the Creation of new departments such as Audit, Debt Management, Enforcement, and a High Net Worth Individuals (HNIs) Unit.
He indicated that over 52 training programs were conducted, with every staff member attending at least one session.
The service according to him Strengthened partnerships with the Nigerian Financial Intelligence Unit (NFIU), Federal Inland Revenue Service (FIRS), and the FCT Judiciary to boost compliance.
He also pointed out that new payment gateways and plans for kiosks were created in strategic locations to simplify tax payment.
The Acting Executive Chairman outlined ambitious goals for 2025, to include harmonisation of Revenue Collection by managing revenue collection on behalf of Area Councils to streamline processes and improve transparency.
The introduction of new revenue streams in property and Betting taxes he said will complement existing taxes and align with recent Supreme Court rulings.
The Acting chairman of agency promised to intensify efforts to prosecute tax defaulters while continuing public education on tax compliance.
He promised impproved Working Conditions through provision of laptops to all staff by mid-2025 and addressing of manpower shortages
He reaffirmed the agency’s commitment to transparency, innovation, and collaboration as guiding pillars for 2025.
He called on residents to fulfill their tax obligations to support the FCT’s infrastructural development, driven by the leadership of Minister Wike.
In his concluding remarks, the Acting Executive Chairman emphasized the importance of partnership with the media in maintaining public trust and awareness.
“As we approach 2025, we count on your support to promote accountability and ensure our shared goals for the FCT are achieved. Together, we can drive the transformation of the FCT into a model city,” he stated.
The briefing ended with a commitment to continuous engagement with stakeholders and a promise of more impactful initiatives in the coming year.