FCT-IRS collected N126.5bn in six months

The Federal Capital Territory Internal Revenue Service has announced that it collected a total of ₦126,535,768,441.30 between January and June 2024.

The Chairman of FCT-IRS, Haruna Abdullahi, disclosed this during a mid-year press briefing held at the agency’s office in Garki on Monday.

In 2023, FCT-IRS generated over ₦203bn, representing a 63% increase from the ₦124bn collected in 2022. This exceeded their target of ₦200bn for the year and set a new target of ₦250bn in revenue for 2024.

Abdullahi, represented by the Acting Director of Tax, Chinwe Anohu-Ndu, stated that the collected amount represented a 53.5% increase from their mid-year collection in 2023 and was 119.7% higher than the collection in 2022.

He said, “Ladies and gentlemen, I am delighted to inform you that the FCT-IRS, in the first half of the year – between January and June – has collected and remitted the sum of ₦126,535,768,441.30.

“We are pleased to report that our mid-year collection for 2024 is 53.5% higher than our mid-year collection for 2023. The collection is higher by ₦44,076,516,599.50 compared to the ₦82,459,251,841.80 realised in the first half of 2023.

“Additionally, it is 119.7% higher than the mid-year collection of 2022; the collection in 2024 is ₦68,935,844,331.10 higher compared to the ₦57,599,924,110.20 collected in 2022. This trend indicates year-on-year growth.”

Abdullahi added that the growth in collections demonstrated the agency’s commitment and dedication to overcoming obstacles.

He noted that the FCT-IRS achieved “impressive results” by leveraging technology and building one of the most functional e-service portals in the sector.

“This stellar growth highlights our commitment and determination to overcome obstacles while striving to boost revenue generation. The Service achieved such impressive results within six months amidst economic challenges by leveraging technology and building one of the most functional e-service portals in the revenue sector.

“We also owe this accomplishment to the high compliance rate of taxpayers in the FCT. We urge everyone to continue choosing voluntary compliance over compulsion,” he stated.