Tax revenue into coffers of the Federal Capital Territory Administration rose by 53.5 percent in the first half of 2024, the FCT Inland Revenue Service, FCT-IRS, have disclosed.
According to the FCT-IRS, the service successfully collected and remitted the sum ₦126,535,768,441.30 between January to June, an amount which is more than the ₦82,459,251,841.80 collected in the first half of 2023.
Acting Executive Chairman, FCT-IRS, Haruna Abdullahi, told a press conference in Abuja on Monday, that the steady increase in tax revenue in the past two years, is an indication that the 2024-2028 growth stage target of N500 billion was achievable.
Giving a breakdown of the mid-year collection, the Chairman who was represented by the Director, Tax Operations, Chinwe Anohu-Ndu, said, “We are delighted to state that our mid year collection for 2024 is 53.5% higher than our mid-year collection for 2023, the collection is higher by ₦44,076,516,599.5 in comparison to the ₦82,459,251,841.80 realized in the first half of 2023.
“Additionally, it is 119.7% higher than the mid-year collection of 2022, the collection in 2024 is ₦68,935,844,331.12 higher compared to the ₦57,599,924,110.2 collected in 2022. This trend is indicative of a year-on-year growth.”
The acting chairman noted that the service was able to achieve this by leveraging technology and building one of the most functional E-service portals in the revenue sector.
While commending taxpayers for their high compliance rate, the FCT-IRS boss urged everyone to continue choosing voluntary compliance over compulsion, warning that the FCT-IRS has commenced its enforcement drive to check evasion.
In his words, “The FCT-IRS has commenced an enforcement drive to tackle tax evasion and ensure the collection and accounting of all revenue accruable to the FCT. Non-compliant businesses have been sealed, and appropriate legal actions taken to recover all tax liabilities and ensure timely payment of subsequent taxes.”
He said that FCT-IRS plays a critical role in stabilising the economy during economic challenges by generating revenue for the government to fund essential public services.
“Key expectations include maximising tax collection to increase government revenue and ensuring efficient tax administration by streamlining tax processes, reducing bureaucracy, and combating tax evasion and fraud while educating and enlightening taxpayers.
“The service is also committed to aligning with Federal Government tax policy reforms aimed at stimulating economic growth.
“The service is also dedicated to engaging with taxpayers, businesses, and other stakeholders to understand their challenges to continuously develop solutions that will enhance tax compliance and eliminate tax evasion,” he added.
By Sarah NEGEDU