FCT-IRS reports N126.54bn revenue from January to June

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has reported collecting and remitting N126.54 billion between January and June 2024. Acting Executive Chairman Mr. Haruna Abdullahi announced this at a mid-year news conference in Abuja on Monday, where he was represented by Director of Tax Operations Mrs. Chioma Anohu-Ndu.

Abdullahi highlighted that this amount represents a 53.5% increase from the N82.46 billion collected in the first half of 2023 and a 119.7% rise from the N57.59 billion gathered in the same period in 2022, indicating significant year-on-year growth.

He attributed this success to the service’s effective use of technology and high taxpayer compliance, despite economic challenges. The FCT-IRS has also begun an enforcement drive to tackle tax evasion, with non-compliant businesses facing closures and legal actions.

The executive chairman emphasized that the FCT-IRS is investing in technological upgrades to enhance tax compliance, reduce costs, and improve efficiency. He stressed the service’s role in stabilizing the economy and supporting government funding for public services.

Abdullahi also praised the Minister of the FCT, Mr. Nyesom Wike, for his leadership and support. He expressed the service’s commitment to surpassing the N500 billion revenue target for 2024 and encouraged taxpayers to prioritize compliance as a key component of national development.