FCT-IRS generates N126.54bn in 6 months

The FCT Internal Revenue Service (FCT-IRS) collected and remitted N126.54 billion revenue from January to June, 2024. The acting Executive Chairman of FCT-IRS, Mr Haruna Abdullahi, represented by the Director, Tax Operations, Mrs Chinwe Anohu-Ndu, who disclosed this during the FCT-IRS mid-year news conference on Monday, said the figure was 53.5 per cent higher than […]

The FCT Internal Revenue Service (FCT-IRS) collected and remitted N126.54 billion revenue from January to June, 2024.

The acting Executive Chairman of FCT-IRS, Mr Haruna Abdullahi, represented by the Director, Tax Operations, Mrs Chinwe Anohu-Ndu, who disclosed this during the FCT-IRS mid-year news conference on Monday, said the figure was 53.5 per cent higher than the N82.46bn collected in the first half of 2023, adding that the N126.54bn was also 119.7 per cent higher than the N57.59bn collected in the half year of 2022.

He said, “This stellar growth highlights our commitment and determination to overcome obstacles while striving to boost revenue generation.”

Abdullahi pointed out that the FCT-IRS achieved the result within six months despite the economic challenges, attributing the success to the service’s resolve to leverage technology and build one of the most functional e-service portals in the revenue sector.

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On enforcement, the chairman said that the service had commenced an enforcement drive to tackle tax evasion and ensure the collection and accounting of all revenues accruable to the FCT.

He added that non-compliant businesses had been sealed and appropriate legal action taken to recover all tax liabilities and ensure timely payment of subsequent taxes.