FCT- IRS generates N203.1bn in 2023
The Federal Capital Territory Internal Revenue Service FCT-IRS has said it generated over N203.1 billion this year as against N124 billion it realized in 2022. The Acting Executive Chairman of the service, Mr Haruna Abdullahi, who disclosed this at a news conference on Wednesday in Abuja, said the service projects to generate N250 billion in […]
The Federal Capital Territory Internal Revenue Service FCT-IRS has said it generated over N203.1 billion this year as against N124 billion it realized in 2022.
The Acting Executive Chairman of the service, Mr Haruna Abdullahi, who disclosed this at a news conference on Wednesday in Abuja, said the service projects to generate N250 billion in 2024.
He said, “The tax revenue collection of the FCT-IRS grew from barely N46 billion in 2017 to over N124 billion in 2022 indicating over 270% growth.
“At this point, I would like to inform the general public that as at 19th December 2023, the FCT-IRS for the first time since its inception in 2015 has exceeded the N200 billion mark by generating the sum of N203,147,090,410.5 as annual revenue for the year 2023.
“This is a huge milestone for the service and it represents about 63.34% increase in collection from the preceding year.
“For the year 2024, FCT-IRS has a target of N250 billion. We are determined and optimistic that we will realize and surpass that, with the committed and dedicated staff of the service, support from the FCT Administration, the National Assembly and other key stakeholders, especially our esteemed taxpayers, it is achievable and the task ahead is surmountable.”
He said the taxpayer base of the FCT has grown from about 543,969 for individuals and 284,746 for non-individuals in 2015 to 1,108,162 for individuals and 389,981 for non-individuals in 2023.
“In collaboration with other sister agencies in the FCT, the FCT-IRS has commenced enforcement of Section 85 of the Personal Income Tax Act, 2011 (as amended) and Section 31 of the FCT IRS Act, 2015 for MDAs, FCT SDAs, commercial banks, and other corporate bodies to demand and verify TCC as precondition for rendering services in FCT,” he stated.