The Federal Capital Territory Internal Revenue Service (FCT-IRS), the revenue-generating agency of Nigeria’s Federal capital announced it generated the sum of N98.6 billion between January and July 2023.
This is a 49.85% increase when compared to N65.8 billion generated within the same period in 2022.
This was disclosed in a statement by Mr Haruna Abdullahi, Acting Chairman of, the Federal Capital Territory Internal Revenue Service (FCT-IRS).
Revenue growth
Mr Haruna Abdullahi, said the amount realised, showed an increase of N32.8 billion from N65.8 billion generated within the same period in 2022, praising staff of the service for generating a higher revenue than the previous year’s collection.
He added that it is an indication of effective strategies and practices, and for them to continue in their commitment to surpass the revenue target set for 2023.
Subsidy removal
He added that action would be taken within the provisions of the budget to improve staff wellbeing, urging that priority be given to the welfare of staff, adding that their satisfaction is critical to meaningful contributions by the service.
- “We are not unaware of the challenges confronting us, occasioned by subsidy removal.
- “We are working on ways to ease the hardship and you know everything we do here depends on the budget.
- “The management will do everything possible to ensure you have what is due.”
He urged that the FCT-IRS remains devoted to its mission of efficient revenue collection, and its achievements stand as a testament to the dedication and hard work of its staff.
- “With strategic management and commitment of each team member, the FCT-IRS is poised to further enhance revenue collection while contributing to the development of the FCT,”
Federal comparison
Last week, The Federal Inland Revenue Service (FIRS) reported a tax revenue collection of N5.5 trillion between January and June of 2023.
This represents the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year.
The 2023-2024 tax revenue outlook was presented by Mr Muhammad Nami, the Executive Chairman of FIRS, during a meeting with the National Economic Council at the Presidential Villa in Abuja on Thursday, 20th July 2023.
Breakdown of tax collection
FIRS surpassed its target for the first half of the year, collecting over its intended goal of N5.3 trillion.
A breakdown of the figures revealed that tax revenue from the oil sector stood at N2.03 trillion, while non-oil tax collection amounted to N3.76 trillion.
In an exceptional achievement, the Service collected a record N1.65 trillion in tax revenues for June 2023, marking the highest tax revenue ever recorded in a single month.
