FCT-IRS collected N262 billion in 2024, N43.8 billion in January – Chairman

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The Federal Capital Territory Internal Revenue Service (FCT-IRS) has collected N262 billion Internally Generated Revenue (IGR) in 2024.

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The Acting Executive Chairman, FCT-IRS, Michael Ango, also said that the service had so far collected N43.8 billion in January.

Mr Ango disclosed this on Thursday, during the service’s annual sensitisation campaign to mobilise FCT residents for voluntary tax compliance.

He explained that at the end of 2024, the FCT-IRS had collected a total of N262 billion, representing N12 billion more than the N250 billion targeted for the year.

While the performance was impressive, the executive chairman expressed confidence that 2025 would be better, adding that the service has commenced the year very strongly.

“In the month of January, we collected N43.8 billion and so far, in the month of February, we are also on track.

“The reality about the collection is that these monies are not manufactured, they are paid by taxpayers and residents of this town,” he said.

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He identified some of the taxes being collected by the FCT-IRS as personal income tax, capital gains taxes, stamp duties, property taxes, entertainment tax and fees due to the FCT.

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He also said that the FCT-IRS works for the entire FCT, explaining that it collects revenue for the FCT Administration for the area councils, the FCT Secretariats, its departments and agencies.

He added that in doing this, the service was collaborating very strongly with all sister agencies, both at the federal and the FCT levels.

“We have been reaching out to various agencies and what we are hoping to do is to create a revenue ecosystem whereby everybody believes that they are partners and stakeholders in raising revenues for the FCT,” he said.

(NAN)