FCT-IRS generates N252bn in 2024

The Federal Capital Territory (FCT) Internal Revenue Service (FCT-IRS) has announced that it generated a total revenue of N252,825,484,775.71 in 2024, surpassing the N211,100,288,136.36 collected in 2023.

This represents a 19.8% increase compared to the previous year.

Speaking during the annual end-of-year briefing in Abuja, the Acting Chairman of FCT-IRS, Michael Ango, stated that the service is set to implement tax harmonization starting in 2025.

Ango explained that an agreement has been reached with all six area councils to collect taxes on their behalf and subsequently disburse the funds accordingly.

To ensure efficiency in revenue collection from all tax points, revenue consultants have been engaged.

Ango noted that the FCT Minister, Nyesom Wike, is focused on significant infrastructural development, administrative remodeling, and the implementation of the minimum wage, emphasizing that these initiatives require substantial revenue.

ALSO READ: FCT-IRS seeks stronger partnership with NFIU to boost tax compliance

“We have different agencies in the FCT collecting revenue on behalf of the FCT Administration, and these agencies currently collect revenue items individually,” Ango said. “Globally, this is not considered best practice. The Minister has directed that all revenue collection in the FCT be centralized under one point.”

Addressing concerns from area councils about potential revenue losses, Ango assured them that the funds would still belong to the councils.

“The revenue will remain theirs. All we are doing is assisting them to collect and aggregate it. Thereafter, the funds will be disbursed to their various accounts,” he explained.

Additionally, Ango revealed that the FCT-IRS has finalized plans to collect Entertainment Tax, which will be applicable to relaxation spots, parks, restaurants, event centers, and other entertainment venues.

He clarified that this was not the introduction of a new tax but the enforcement of existing laws.

“We are not trying to overburden FCT residents, but if those taxes already exist in our books, it is our duty under the law to implement and collect them,” Ango stated.

“Any revenue collected is typically used for the benefit of all residents, as we can see through ongoing projects.”

To facilitate these plans, the Service is collaborating with agencies such as the NFIU and FIRST. Starting January 2025, payment points will be decentralized for ease of access.

Ango also announced plans to introduce payment channels such as POS systems, particularly for low-income earners and those outside the city center.

“In 2025, we will also establish kiosk offices in various locations across the FCT, including markets, parks, and plazas,” he added.

NIGERIAN TRIBUNE