Michael Ango, Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service (FCT-IRS), has revealed that the agency generated over ₦252 billion in tax revenue in the year 2024. Ango made this disclosure during an end-of-year briefing on Thursday in Abuja.
He noted that the revenue reflects a 19% increase from the previous year’s internally generated revenue of ₦211 billion and surpasses the 2024 target of ₦250 billion by achieving 101%.
In his words, “As of the close of business on Wednesday, December 18, 2024, the council had successfully generated over ₦252 billion in tax revenue for the year 2024. This remarkable performance is a testament to the unwavering dedication and hard work of the FCT-IRS staff and management, who have consistently demonstrated exceptional commitment to the growth and financial sustainability of the FCT.”
“As you may know, the FCT-IRS recorded a total revenue collection of ₦211,100,288,136.36 for the 2023 fiscal year across all sources. I am pleased to announce that as of the close of business on Wednesday, December 18, 2024, we have achieved a total collection of ₦252,825,487,775.71.
“This represents a 19.8% increase over last year’s collection and exceeds our 2024 target of ₦250.2 billion by achieving 101%. This remarkable performance is a result of the dedication of our staff, the commitment of the FCT-IRS management, and the support from various secretariats, departments, and agencies of the FCT.
Ango also highlighted key achievements since his appointment as Acting Chairman in August 2024, notably the creation of the Department of Audit, Debt Management, and Enforcement, which was previously non-existent. He also mentioned the establishment of a High Net…
Ango also highlighted the establishment of the High Net-Worth Individuals Unit, which focuses on taxing wealthy individuals in Abuja and strengthening collaborations with agencies like the Nigerian Financial Intelligence Unit, Federal Inland Revenue Service, Joint Tax Board, and the FCT Judiciary.
Looking ahead, Ango stated that the FCT-IRS will prioritize uncollected revenue streams, including Stamp Duties and Capital Gains Tax, while also implementing property taxes and taxes on pools, betting, and gaming.
These measures are aimed at supporting the infrastructure and administrative reforms being implemented by the FCT Minister. The Honourable Minister of the FCT is leading ambitious infrastructural transformations, which include the construction of roads, schools, and hospitals. In addition, significant administrative reforms have been introduced, such as the establishment of an FCT Civil Service.
To finance these initiatives, funding will primarily come from the FCT’s internally generated revenue. “This is why we are focusing on improving the collection of existing revenue streams that were previously underutilized, such as Stamp Duties, Capital Gains Tax, and Entertainment Tax, among others.
We are also working closely with various agencies to raise awareness among Abuja residents about their tax responsibilities. Furthermore, we plan to implement property taxes and increase our efforts to regulate and collect taxes on pools, betting, and gaming activities, especially in light of recent Supreme Court rulings on the powers of states to regulate and tax such sectors,” he explained.
He also extended his appreciation to the Area Council Chairmen, the Senate, and the House of Representatives for their support in achieving the revenue targets
He commented Senate and House of Representatives Committees on the FCT, along with their respective Chairmen, Honourable Muktar Aliyu Betaraa and Ibrahim Mohammed Bomai, for their steadfast support.
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