The Federal Capital Territory Internal Revenue Service (FCT-IRS) has achieved a milestone in 2024, generating N252.83 billion in Internally Generated Revenue (IGR) and surpassing its annual target by 101%.
Acting Executive Chairman of FCT-IRS, Mr. Michael Ango, disclosed this during the agency’s end-of-year media briefing in Abuja on Thursday. He highlighted that the revenue collected between January and December 18 exceeded the N250.2 billion target, reflecting a 19.8% increase from the N211.1 billion generated in 2023.
“This achievement underscores the commitment of our staff and the collaborative efforts of the FCT Secretariat, Departments, and Agencies, alongside robust legislative support from the National Assembly,” Ango stated.
Reforms Driving Revenue Growth
Since assuming office in August 2023, Ango has initiated structural reforms to enhance the agency’s capacity, including establishing new departments such as Audit, Debt Management and Enforcement, and a restructured Tax Operations Department. These changes have streamlined tax administration, with two new directorates targeting corporate entities and individual taxpayers.
A notable innovation is the creation of a High Net-worth Individuals (HNIs) Unit, designed to improve tax compliance among Abuja’s wealthiest residents. “Through collaboration with the Nigerian Financial Intelligence Unit, we are leveraging data to ensure better compliance and increased revenue,” Ango said.
Capacity Building and Partnerships
To strengthen operational efficiency, the FCT-IRS introduced a Learning and Development Department to upskill staff and stakeholders. The agency also deepened partnerships with key institutions like the Federal Inland Revenue Service (FIRS), the Joint Tax Board, and the FCT Judiciary, enhancing its capacity to enforce tax compliance effectively.
Looking Ahead
Ango expressed optimism about sustaining the momentum. “Our success this year demonstrates the transformative impact of reforms and partnerships. We are determined to set even higher benchmarks for 2025,” he said.
The record-breaking N252.83 billion revenue reflects the FCT-IRS’s growing efficiency and underscores its pivotal role in ensuring fiscal sustainability for the Federal Capital Territory.
