The Federal Capital Territory Internal Revenue Service (FCT-IRS) has declared a record collection of N252.83 billion in Internally Generated Revenue (IGR) for 2024, surpassing its annual target by 101 percent.
The acting Executive Chairman of FCT-IRS, Mr. Michael Ango, announced this during the service’s end-of-year media parley held in Abuja on Thursday.
Ango clarified that the income collected from January to December 18 was a notable 19.8% increase over the N211.1 billion generated in 2023, surpassing the N250.2 billion target by 101%.
Ango stated, “This milestone is a testament to the dedication of our staff and management, as well as the cooperative efforts of the Departments, Agencies, and FCT Secretariat, as well as other government entities.” Additionally, he acknowledged the Senate’s legislative support provided by the Senate and House Committees on the FCT.
Ango has led structural reforms since taking office in August 2023 with the goal of enhancing the agency’s ability to fulfill its revenue mandates.
The creation of new departments, such as Audit, Debt Management, and Enforcement, as well as a reorganized Tax Operations Department based on taxpayer categories, were crucial to these adjustments.
Two new directorates have been added to the Tax Operations Department. One is devoted to individuals, businesses, and collaborations, and the other is focused on Ministries, Departments, and Agencies (MDAs), corporate entities, and international organizations.
Ango emphasized the establishment of a High Net-worth Individuals (HNIs) Unit in order to target the wealthiest taxpayers in Abuja. “In an effort to increase tax compliance and revenue generation, we have strengthened our partnership with the Nigerian Financial Intelligence Unit to obtain actionable intelligence on HNIs in Abuja,” he said.
Capacity building and training have also been prioritized through the newly created Learning and Development Department, equipping staff and stakeholders to address emerging challenges.
The FCT-IRS has further strengthened external partnerships by enhancing ties with the Federal Inland Revenue Service (FIRS), the Joint Tax Board, and the FCT Judiciary. Ango noted that these alliances have been pivotal in improving the agency’s efficiency in revenue collection.
Reflecting on the agency’s achievements, Ango expressed optimism for the future. “Our success this year underscores 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.