The Federal Capital Territory Internal Revenue Service (FCT-IRS) has collected N98.5bn in revenue from January to July 2023, up 50% from the N65.8bn collected during the same period in 2022.
The Executive Chairman of FCT-IRS, Mr. Haruna Abdullahi, attributed the increase in revenue to the “diligence and commitment” of the Service’s staff. He also said that the Service has been implementing “effective strategies and practices” to improve revenue collection.
A statement on Tuesday signed by Mustapha Sumaila, Head of Corporate Communications said the Executive Chairman commended the staff for their “exceptional performance” and urged them to continue their “unwavering commitment” to achieving the Service’s revenue target for 2023. He said that the Service is “fully aware of the challenges” facing the staff, but that “every possible measure” will be taken to improve their well-being.
The FCT-IRS is responsible for collecting taxes and other revenues from businesses and individuals in the Federal Capital Territory. The Service’s revenue is used to fund the government’s operations in the FCT, including education, healthcare, and infrastructure development.
The increase in revenue collection by the FCT-IRS is a positive sign for the economy of the Federal Capital Territory. It suggests that businesses and individuals in the FCT are becoming more compliant with tax laws, and that the Service is becoming more effective at collecting revenue.
The FCT-IRS is one of the largest tax authorities in Nigeria. Its success in collecting revenue is important for the overall health of the Nigerian economy.