• Thursday, June 20, 2024
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FCT moves to boost IGR, woos investors via revenue harmonisation initiative

Federal Capital Territory Administration (FCTA)

The Federal Capital Territory Administration (FCTA) on Monday said the ongoing initiative aimed at streamlining and optimising revenue collection processes is aimed at boosting its Internally Generated Revenue and to attract local and foreign investors, among other potentials.

Adesola Olusade, permanent secretary, FCTA, speaking at a Town Hall meeting with stakeholders on the Harmonisation of Revenue Drive in FCT organised by the Federal Capital Territory Internal Revenue Service (FCTIRS), on Monday, said the process will eliminate duplication and reduce bureaucratic bottlenecks, creating a more conducive environment for businesses and investors.

According to FCTIRS, there are 4 million residents in the FCT with an aggregate annual IGR of N200 billion every year. The FCTA aims top position currently occupied by Lagos with an IGR four times its size at N753.46 bn.

“We aim to attract more investment, stimulate economic growth, and create employment opportunities. This will enhance the FCT’s reputation as an investment-friendly destination and contribute to the overall development of the region.

“This will not only improve service delivery but also contribute to the ease of doing business in the FCT, making it an attractive destination for local and foreign investors”, the permanent secretary said.

Further, he noted that the process will reduce tax evasion and enhance transparency and accountability in revenue collection, ensuring that funds are efficiently allocated and utilized for the benefit of the FCT’s residents.

According to him, the potential impact of the Harmonization Drive is vast and far-reaching. “It will lead to increased revenue generation, which in turn will provide the necessary resources to invest in critical sectors such as healthcare, education, transportation, and infrastructure development. This will directly impact the lives of residents”, Olusade added.

In his remarks, Haruna Y. Abdullahi, executive chairman, FCTIRS noted that the Harmonization Drive is not just about increasing our revenue, but building a system that works for all and respects the contributions of every stakeholder.

He said the meeting avails the opportunity to hear stakeholders insights, concerns, and suggestions,

“The Harmonization Drive is not merely an administrative reform; it represents a catalyst for socioeconomic development. By harmonizing and simplifying our revenue collection systems, we can unlock the full potential of our resources and pave the way for sustainable growth, improved service delivery, and enhanced quality of life for our citizens”, he said.

The meeting was attended by Chairmen of the Area Councils , Traditional rulers, members of the national assembly, among other stakeholders.