FCT now generates over ₦25bn in revenue monthly, from N9bn – Wike
…surpasses ₦40bn revenue in December 2024
By Ukpono Ukpong
The Federal Capital Territory Administration (FCTA) has recorded a significant increase in its Internally Generated Revenue (IGR), now exceeding ₦25 billion monthly.
This marks a substantial rise from the ₦9 billion previously generated before the current administration, led by FCT Minister Nyesom Wike, assumed office.
Minister Wike disclosed this during the first live media briefing of the year held in Abuja.
He credited the revenue surge to proactive measures, including the collection of ground rents and the issuance of Certificates of Occupancy (C of O) to land allottees.
According to Wike, the FCTA pays approximately ₦13 billion in salaries every month.
“We don’t get up to N13bn from VAT and the 1% from the Federal Government. So, we have to augment from the IGR to be able to pay the salaries because of the new wages,” he explained.
“As at the time I came, we were generating about N9bn to N10bn. Today, by the grace of God, we are not generating less than N25bn a month.
“It is because of our aggressive revenue drive. In fact, last month, we were able to generate about 40 something billion naira. Aggressive revenue drive to be able to carry out infrastructure.
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“It must be from taxes and when taxes are not paid how do we get development?” he asked.” the minister revealed.
While emphasizing the importance of aggressive revenue collection to fund infrastructure development, he said “Development depends on taxes. Without paying taxes, how can we achieve growth?”
Wike also challenged residents to assess whether the taxes they pay are yielding visible improvements in the capital city.
“can you say that the FCT is justifying the revenue or the taxes you are paying? Yes, it is correct. We can beat our taxes to say we are doing that but it is not enough,” he added.
The minister noted that with greater compliance from land allottees, the FCT has the potential to generate up to ₦300 billion in monthly revenue.
