FCT-IRS records N252.83billion from internally generated revenue in 2024 Nexovant

The Federal Capital Territory Internal Revenue Service (FCT-IRS) announced a record collection of N252.83 billion in Internally Generated Revenue (IGR) for 2024, exceeding its annual target by 101%.

The acting Executive Chairman of FCT-IRS, Mr. Michael Ango, revealed this at the service’s end-of-year media parley held in Abuja on Thursday.

Ango explained that the revenue collected between January and Dec. 18 exceeded the N250.2 billion target by 101 percent and marked a significant 19.8 percent increase from the N211.1 billion generated in 2023.

“This milestone is a testament to the dedication of our staff, management, and the collaborative efforts of the FCT Secretariat, Departments, and Agencies, as well as other government entities,” Ango said. He also expressed gratitude for the legislative backing provided by the Senate and House Committees on the FCT.

Since assuming office in August 2023, Ango has implemented structural reforms aimed at enhancing the agency’s capacity to meet its revenue mandates.

Key among these changes was the creation of new departments, including Audit, Debt Management and Enforcement, and a restructured Tax Operations Department organized by taxpayer categories.

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Two new directorates were established under the expanded Tax Operations Department. One directorate is dedicated to Ministries, Departments, and Agencies (MDAs), corporate organizations, and international entities, while the other focuses on individuals, enterprises, and partnerships.

In a bid to target Abuja’s wealthiest taxpayers, Ango noted the formation of a High Net-worth Individuals (HNIs) Unit. “We have intensified our collaboration with the Nigerian Financial Intelligence Unit to gather actionable intelligence on HNIs in Abuja, aiming to boost tax compliance and revenue generation,” he said.

Capacity building and training have also been prioritized through the newly created Learning and Development Department, ensuring staff and stakeholders are better equipped to handle emerging challenges.
The FCT-IRS further bolstered its external partnerships, strengthening ties with the Federal Inland Revenue Service (FIRS), the Joint Tax Board, and the FCT Judiciary. These alliances, Ango said, have been pivotal in the agency’s enhanced ability to collect revenue efficiently.
Reflecting on the agency’s accomplishments, Ango expressed optimism for the future. “Our success this year shows the transformative power of strategic reforms, collaboration, and innovation. We remain committed to sustaining this momentum and setting new benchmarks for 2025,” he said.

The N252.83 billion collected by the FCT-IRS in 2024 highlights the agency’s growing efficiency and its critical role in driving fiscal sustainability within the Federal Capital Territory.

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