From January to December this year, the FCT Internal Revenue Service has for the first time since its inception exceeded the 200 billion naira mark with a generation of over 203 billion naira as an annual revenue for the year 2023.
At a media briefing in Abuja, the acting executive chairman of FCT-IRS, Haruna Abdullahi says its target for 2024 is a minimum of 250 billion naira.
Correspondent Habidah Lawal Reports that From January 2024, the FCT IRS will begin the enforcement exercise of its tax laws, as it sets sights on a new and improved target of the internally generated revenue.
It is expected that more tax offices will be established across the six Area Councils in FCT with strategic locations within the metropolis for convenience of the taxpayers and further streamline services, making the tax offices accessible to a broader population.
The Tax Revenue Collection of the FCT-IRS grew from barely 46 billion naira in 2017 to over 124 billion naira in 2022 indicating over 270% growth.
The service recorded a 63.34% increase in revenue collection, from the preceding year.
With the enforcement of several tax initiatives as directed by the minister, Nyesom Wike, the agency hopes to generate nothing less than 250 billion naira in 2024.
