FCT-IRS generates ₦262bn in 2024, targets higher revenue in 2025

…records ₦43.8bn in January

By Ukpono Ukpong

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has announced a total revenue collection of ₦262 billion in 2024, surpassing its initial target of ₦250 billion.

Speaking with journalists in Abuja, during the agency’s annual tax sensitization roadshow aimed at educating residents on their tax obligations, the Acting Executive Chairman of the FCT-IRS, Mr. Michael Ango, revealed that the agency also recorded ₦43.8 billion in revenue for January 2025, signaling a strong start to the new year.

While emphasizing the critical role of taxation in funding the ongoing infrastructural transformation of the nation’s capital, he commended the efforts of the FCT Minister, Nyesom Wike, in improving the city but noted that government allocations alone were insufficient to sustain development.

He further clarified that the agency does not collect revenue for the benefit of the Minister or the FCT Administration but rather for the direct benefit of residents.

“As we’re all aware, in the last two years or thereabouts, one of the main focuses in the FCT has been infrastructure—building and rehabilitating roads, schools, hospitals, and other social infrastructure. All of this costs a lot to achieve.

“The Minister cannot achieve this with his personal funds, nor can he achieve it with the subvention or the allocation from the federal government alone. This is where we, as the FCT-IRS, come into play.

“We are working for the general public. Some of the roads the Minister builds, I’m sure he will never apply those roads. That is why we come out annually to engage with taxpayers one-on-one where they are in their businesses, shops, and on the streets,” he explained.

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Reiterating the vision of the FCT Minister to transform Abuja into a city comparable to major capitals around the world, the FCT-IRS boss also provided updates on tax compliance, stating that the agency had received a significant number of employer annual returns by the January 31 deadline.

He revealed plans to officially commend compliant businesses while penalizing those that failed to meet the deadline.

“We are in the process of actually commending every single company that filed their employer annual returns. For those who did not file, we are also going to write them a letter, but this is not a letter of commendation,” he warned.

With another tax deadline approaching on March 31 for individual annual returns, Ango urged residents to comply.

“The law mandates every person, whether in employment or not, to file their annual income tax returns by March 31 every year,” he stated.

Reflecting on the agency’s achievements, he noted that while surpassing the 2024 revenue target was commendable, the goal for 2025 was even higher.

“At the end of the year, we collected a total amount of ₦262 billion as against a target of ₦250 billion. While this was good, we believe it can be better. In January 2025 alone, we collected ₦43.8 billion,” he said.

He reminded residents that tax revenues are not manufactured but rather contributions from taxpayers.

He outlined the various taxes collected by FCT-IRS, including personal income tax, capital gains tax, stamp duties, property tax, and entertainment tax, which is expected to receive greater focus in 2025.

Ango also emphasized that FCT-IRS works on behalf of the entire FCT, including area councils, secretariats, departments, and agencies.

“We are collaborating strongly with all our sister agencies, both at the federal and FCT level, to create a tax ecosystem where everyone sees themselves as a stakeholder in revenue generation,” he said.

To enhance accessibility and taxpayer compliance, he also revealed the agency’s plans to set up kiosk offices in markets and plazas across Abuja.

He also assured residents that government projects funded by tax revenues were visible across the city.

Ango encouraged businesses and individuals yet to register with FCT-IRS to do so and disclosed plans to expand tax offices across the city.

“The whole idea is that we need to reach out. One of the complaints of taxpayers is that they do not feel the presence of tax authorities. We are addressing that.

“Wherever you stay in the FCT, you would have seen at least some presence of the FCT administration, whether in terms of roads, streetlights, or construction.

“We are going to be setting up kiosk offices in major plazas and markets within the city. We are partnering with market associations, the informal sector, and area councils to achieve this,” he said.

Moreso, Ango reminded residents that tax payment is not only a civic duty but also a legal obligation, with penalties for noncompliance, this is as he expressed hope that one day, Abuja would achieve 100% tax compliance, enabling all residents to take pride in contributing to the city’s growth.

“We believe in voluntary compliance as the best form of compliance. But if you do not comply voluntarily, we’ll have no option but to enforce the law.

“We pray that one day we’ll have 100% tax compliance in Abuja, and we’ll all be able to sit down and say, ‘I contributed to the building of this great city, Abuja City,’” he said.