• Monday, January 20, 2025
businessday logo

BusinessDay

FCT records ₦40bn revenue in December 2024, says Wike

FG pledges judicial independence

Nyesom Wike, Minister of the Federal Capital Territory (FCT), has revealed that under his leadership, the Federal Capital Development Authority (FCDA) generated ₦40 billion in revenue for December 2024.

Wike, who made this known during a media chat on Sunday in Abuja, attributed his aggressive revenue drive for boosting the monthly earnings of the nation’s capital from approximately ₦9 billion when he assumed office in August 2023 to an average of ₦25 billion per month.

He said the revenue growth to the improved collection of ground rents and the payment of Certificates of Occupancy (C of O) by land allottees.

The minister stated that the FCT spends about ₦13 billion on salaries each month. “We don’t receive up to ₦13 billion from VAT and the 1% allocation from the Federal Government, so we have to supplement with IGR to meet the salary requirements due to the new wage structure,” he explained.

According to him, “As at the time I came, we were generating about N9bn to N10bn. Today, by the grace of God, we are not generating less than N25bn a month.

“It’s a result of our aggressive revenue drive. In fact, just last month, we generated over ₦40 billion. This drive is crucial for funding infrastructure development. Taxes must be paid, and when they aren’t, how can we achieve development?” he asked.

“Honestly, can you say that the FCT is effectively utilizing the revenue or taxes you’re paying? Yes, it’s true that we can justify our tax collection, but it’s still not enough,” he added.

The minister stated that the nation’s capital has the potential to generate as much as ₦300 billion in monthly revenue if land allottees meet their obligations.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp