Federal Capital Territory Revenue Service Surpasses N200 Billion Mark, Sets Sights on N250 Billion Target
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has reported a significant increase in its revenue generation, with a total of N203.1 billion generated from January to date. During the FCT-IRS end-of-year media briefing in Abuja on Wednesday, the acting Executive Chairman, Mr. Haruna Abdullahi, announced that the service has set a target of N250 billion for 2024.
Abdullahi highlighted the remarkable growth in tax revenue collection by the FCT-IRS, citing an impressive increase from N46 billion in 2017 to over N124 billion in 2022, signifying a growth rate of over 270 percent. He noted that as of December 19, the service had generated N203.1 billion, marking a 63.3 percent increase from the previous year’s figure.
In a statement, Abdullahi expressed confidence in achieving and possibly surpassing the N250 billion target for 2024. He also pointed out the expansion of the taxpayer base, which has grown from about 543,969 individuals and 284,746 non-individuals in 2015 to 1.1 million individuals and 389,981 non-individuals in 2023.
The acting chairman recalled the establishment of the FCT-IRS in 2015 with minimal resources and staff. He highlighted the significant growth of the service, which now boasts a staff strength of 623 and operates from 17 offices across the FCT.
Abdullahi emphasized the enforcement of tax regulations, including Section 85 of the Personal Income Tax Act, 2011 (as amended), and Section 31 of the FCT-IRS Act, 2015, which mandates government agencies, commercial banks, and corporate bodies to demand and verify Tax Clearance Certificates (TCC) as a requirement for services.
Looking ahead, Abdullahi outlined the service’s plans for growth from January 2024 to December 2028, with an annual revenue target of N500 billion. He highlighted strategies such as optimizing current revenue streams, operationalizing non-performing tax types, and conducting strategic tax audits of individuals and non-individuals.
To achieve its targets, the FCT-IRS plans to enhance its taxpayer base through tax education, town hall meetings, media engagements, and collaboration with key stakeholders such as the Federal Inland Revenue Service, Joint Tax Board, tax practitioners, and development partners.
Source: NAN
