FCT-IRS Reports N126.5bn Revenue for H1 2024, Up 53.5% from 2023

The FCT-IRS has declared that it generated a revenue of N126,535,768,441.30 between January and June 2024.

The Executive Chairman FCT-IRS, Haruna Abdullahi, disclosed this on Monday at a mid-year media briefing on the activities of the agency.

He said collection was 53.5 per cent higher than its mid-year collection for 2023, which was N44,076,516,599.5 higher in relation to the N82,459,251,841.80 realized in the first half of 2023.

The FCT IRS executive chairman, represented at the event by the Director Tax Operations, Mrs. Chioma Anohu-Ndu, also added that the revenue surpassed that of 2022 mid-year earnings by 119.7 per cent while the collection in 2024 was N68,935,844,331.12 higher compared to the N57,599,924,110.2 collected in 2022.

Abdullahi said the trend was indicative of a year-on-year growth, adding that the stellar growth highlighted the service commitment and determination to overcome obstacles while striving to boost revenue generation.

He ascribed such impressive results within six months amid economic challenges to technology and building one of the most functional E-service portals in the revenue sector.

He also added the service owed the accomplishment to the high compliance rate of taxpayers in the FCT, while he urged everyone to continue choosing voluntary compliance over compulsion.

He expressed profound appreciation to the FCT Minister Nyesom Wike for support and commitment to boosting revenue generation in the FCT.

He said a tax authority like FCT-IRS was expected to play a crucial role in stabilizing the economy and generating revenue for the government to fund essential public services during economic challenges like those the country was experiencing today.

He stated that the FCT-IRS outlook was divided into three stages: foundation, growth, and consolidation, saying the foundation stage covers the period from inception which was June 2015 to December 2023 focusing on building a sustainable institutional framework and enhancing employee capacity.

He said the growth stage commenced in January 2024 and will last until December 2028, with the aim of achieving an annual revenue of N500 billion, while the Consolidation Stage will commence from January 2029 to December 2034.

In areas of enforcement and legal actions, he noted the FCT-IRS had commenced an enforcement drive to tackle tax evasion and ensure the collection and accounting of all revenue accruable to the FCT adding non-compliant businesses had been sealed, and appropriate legal actions taken to recover all tax liabilities and ensure timely payment of subsequent taxes.

Olawale Ajimotokan