FCT-IRS Reports 19.8% Revenue Growth in 2024, Reaching N252.83 Billion IGR

 The Federal Capital Territory Internal Revenue Service (FCT-IRS) has achieved a significant milestone by collecting a total of N252.83 billion in Internally Generated Revenue (IGR) for 2024.

Eko Hot Blog reports that this figure not only exceeds the N250.2 billion target for the year by 101% but also represents a 19.8% increase from the N211.1 billion collected in 2023.

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Acting Executive Chairman of the FCT-IRS, Michael Ango, made this announcement during the 2024 end-of-year media parley held in Abuja on Thursday.

He attributed the service’s success to the unwavering dedication of its staff, management, and the collaborative efforts of various government agencies, including the FCT Secretariat, Departments and Agencies, and FCT area councils.

He also commended the support of the Senate and house committees on FCT.

The FCT-IRS boss said that since his appointment in August 2023, he had taken certain steps to improve the ability of the service to discharge its mandate.

According to him, one of the changes is the review and expansion of the organisation’s structure, with the creation of new departments.

He identified the department as Audit, Debt Management and Enforcement, as well as the expansion of the Tax Operations Department by taxpayer type.

This, he said, led to the creation of two new directorates, one of which focused on government’s Ministries, Departments and Agencies, corporate entities and international organisations.

Mr Ango added that the other directorate focused on individuals and enterprises and partnerships.

“We also created a separate Learning and Development Department, which focuses on capacity building and training of our employees and other stakeholders.

“We created a High Net-worth Individuals Unit, focused on taxation of HNIs in Abuja.

“FCT-IRS has further strengthened its collaboration with the Nigerian Financial Intelligence Unit to get active intelligence on HNIs in Abuja with a view to improving tax compliance and collection,” he said.

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“In terms of external collaboration, we have also strengthened collaboration with the Federal Inland Revenue Service, Joint Tax Board and the FCT Judiciary, amongst others.

“This is to enhance our ability to collect revenue for the FCT,” he said.

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