The Federal Capital Territory Internal Revenue Service (FCT-IRS) has reported generating ₦252.83 billion Internally Generated Revenue (IGR) in 2024, marking a historic accomplishment. This sum represented a 19.8% increase over the 2023 total generated IGR of ₦211.1 billion. This outstanding achievement demonstrates the agency’s increasing ability to carry out its mandate and support the socioeconomic advancement of the Federal Capital Territory (FCT). Acting Executive Chairman Michael Ango made the announcement at the agency’s end-of-year media conference in Abuja.
According to Mr. Ango, the sum collected between January and December 18 amounts to 101% of the ₦250.2 billion annual target. He commended the FCT Secretariat, Departments, and Agencies’ cooperation, strategic changes, and the commitment of the employees to the achievement. Ango also thanked the House and Senate Committees on the FCT for their legislative support. The success of Ango’s reforms and the organization’s dedication to fulfilling its income targets are demonstrated by this record-breaking accomplishment.
2024 performance shows a consistent upward trend.
Moreover, the performance of the FCT-IRS in 2024 shows a consistent upward trend. Between January and July of 2023 (in 7 months), the agency collected ₦98.58 billion, which was a substantial increase over the ₦65.76 billion collected in 2022. This increasing trend shows the FCT-IRS’s dedication to ongoing development as well as its flexibility and inventiveness in revenue collecting strategies. The agency’s emphasis on corporate entities and high-net-worth individuals (HNIs) produced noteworthy outcomes in 2024.
Also, the establishment of a specialised HNIs Unit in partnership with the Nigerian Financial Intelligence Unit enabled the agency to collect useful information and enhance Tax adherence among the wealthiest taxpayers in Abuja. FCT-IRS was created to oversee revenue collection in the Federal Capital Territory and is tasked with creating a strong Tax Administration framework that guarantees responsibility and compliance. The agency is essential to the socioeconomic growth of the FCT as it encourages voluntary tax compliance and streamlines procedures.
Contributing to the FCT’s economic stability.
Its emphasis on leveraging Technology and educating taxpayers has been crucial in achieving record-breaking results. Through the implementation of strategic reforms, the enhancement of operational efficiency, and improved taxpayer participation, the agency has solidified its position as a vital contributor to the FCT’s economic stability. The FCT-IRS has simplified its procedures through strategic initiatives, enhanced taxpayer education, and the use of advanced technology, which has made it simpler for both individuals and businesses to fulfill their tax obligations. These achievements have been made possible in large part by the commitment and expertise of its employees.
As the FCT-IRS continues to break new ground, it remains focused on enhancing its operations to maximize revenue collection. The agency is committed to building on its 2024 performance by increasing its reach, raising tax compliance rates, and utilizing digital tools to boost productivity. Its dedication to openness, equity, and service provision guarantees that it will continue to be a reliable collaborator in the growth of the Federal Capital Territory. Mr. Ango stated that the agency has established a distinct Learning and Development Department that focuses on training and capacity building for its workers and other stakeholders,
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He added that FCT-IRS has further strengthened its collaboration with the Nigerian Financial Intelligence Unit to obtain active intelligence on HNIs in Abuja in order to improve tax compliance and collection. In terms of external cooperation, the agency has also improved cooperation with the FCT Judiciary, the Joint Tax Board, and the Federal Inland Revenue Service, among others. Moving forward, the FCT-IRS is expected to have an even greater influence on the direction of the FCT. The agency seeks to ensure sustainable growth, improve public welfare, and help realise a wealthy and inclusive Federal Capital Territory by coordinating its initiatives with the region’s developmental goals.