The Federal Capital Internal Revenue Service (FCT-IRS) has announced the collection and remittance of N126.54 billion from January to June 2024.
Haruna Abdullahi, the acting executive chairman, revealed this during the FCT-IRS mid-year news conference in Abuja on Monday.
Represented by Chioma Anohu-Ndu, the Director of Tax Operations, Abdullahi noted that this figure represents a 53.5 percent increase from the N82.46 billion collected in the first half of 2023.
Abdullahi noted that the N126.54 billion is 119.7 percent higher than the N57.59 billion collected in the first half of 2022, indicating significant year-on-year growth.
According to him, “This stellar growth highlights our commitment and determination to overcome obstacles while striving to boost revenue generation.”
He explained that the FCT-IRS achieved this result within six months in spite of economic challenges.
The Acting Executive Chairman attributed the successes to the service’s resolve to leverage technology and build one of the most functional e-service portals in the revenue sector.
We also owe this accomplishment to the high compliance rate of taxpayers in the FCT.
“We, therefore, urged everyone to continue choosing voluntary compliance over compulsion,” he said.
On enforcement, the executive chairman said that the revenue service has commenced an enforcement drive to tackle tax evasion and ensure the collection and accounting of all revenue accruable to the FCT.
He added that non-compliant businesses have been sealed, and appropriate legal actions taken to recover all tax liabilities and ensure timely payment of subsequent taxes.
Abdullahi said that FCT-IRS was investing in technological advancements for seamless revenue collection in the FCT.
“We are currently optimising and upgrading our technology to improve tax compliance, reduce costs, and enhance efficiency.
“This will enable us to build a more resilient tax system that will enhance revenue generation while making the tax paying process seamless for our taxpayers,” he said.
“The service is also committed to aligning with Federal Government tax policy reforms aimed at stimulating economic growth.
He commended the Minister of the FCT, Mr Nyesom Wike for his exemplary leadership, support, and commitment to boosting revenue generation in the FCT.
The FCT-IRS is diligently striving to exceed its N500 billion revenue target for 2024, maintaining a relentless focus and momentum.
“We urge all taxpayers in the FCT to prioritize tax compliance, as it is vital for development and nation-building,” stated the FCT-IRS boss.
“By fulfilling your tax obligations, you directly contribute to the growth and prosperity of both the FCT and the nation as a whole.”
