The Internally Generated Revenue (IGR) for 2024 reached a record collection of N252.83 billion, surpassing the Federal Capital Territory Internal Revenue Service’s (FCT-IRS) yearly goal by 101%.
This was disclosed by Mr. Michael Ango, the acting Executive Chairman of FCT-IRS, during the service’s annual media conference on Thursday in Abuja.
Ango clarified that the income collected from January to December 18 was a notable 19.8% increase over the N211.1 billion generated in 2023 and surpassed the N250.2 billion target by 101%.
Ango stated, “This milestone is a testament to the dedication of our staff and management, as well as the cooperative efforts of the Departments, Agencies, and FCT Secretariat, as well as other government entities.”
He was also appreciative of the Senate and House Committees on the FCT’s legislative support.
Ango has carried out structural changes since taking office in August 2023 with the goal of improving the organization’s ability to fulfil its income obligations.
The establishment of new departments, such as Audit, Debt Management, and Enforcement, as well as a reorganised Tax Operations Department based on taxpayer categories, were crucial to these adjustments.
What To Note
The Tax Operations Department was enlarged to include two new directorates. Ministries, Departments, and Agencies (MDAs), corporate entities, and international organisations are the emphasis of one directorate, whereas individuals, businesses, and partnerships are the focus of the other.
In a move to target Abuja’s wealthiest taxpayers, Ango acknowledged the development of a High Net-worth Individuals (HNIs) Unit.
“In an effort to increase tax compliance and revenue generation, we have strengthened our partnership with the Nigerian Financial Intelligence Unit to obtain actionable intelligence on HNIs in Abuja,” he stated.
Through the recently established Learning and Development Department, capacity building and training have also been given top priority, guaranteeing that employees and stakeholders are better prepared to tackle new problems.
By fortifying its relationships with the FCT Judiciary, the Joint Tax Board, and the Federal Inland Revenue Service (FIRS), the FCT-IRS significantly strengthened its external alliances.
According to Ango, these partnerships have been essential to the agency’s improved capacity for effective tax collection.
In light of the agency’s achievements, Ango was upbeat about the future.
“This year’s success demonstrates the revolutionary potential of strategic reforms, teamwork, and creativity.” We’re still determined to maintain this momentum and establish new standards for 2025,” he stated.
The FCT-IRS’s 2024 revenue collection of N252.83 billion demonstrates the agency’s increasing effectiveness and vital role in promoting fiscal sustainability in the Federal Capital Territory.
