By Laide Akinboade, Abuja

The Federal Capital Territory Internal Revenue Service, FCT-IRS, on Tuesday, revealed that it has collected and remitted the sum of ₦126,535,768,441.30 between January – June 2024.Executive Chairman FCT-IRS, Haruna Abdulahi, revealed this while briefing journalists in Abuja.

He said the mid year collection for 2024 is 53. 5% higher than the 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. The FCT-IRS Chairman who was represented at the occasion by Director Tax Operations, Chinwe Anohu-Ndu, said, 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. According to her, “Firstly, I would like to express my profound appreciation to the Honorable Minister, His Excellency Barr. Ezenwo Nyesom Wike, CON, for his exemplary leadership, support, and commitment to boosting revenue generation in the FCT. I also wish to extend my appreciation to our stakeholders, my dedicated Management Team, and our hardworking staff for their exceptional contributions, team spirit, and dedication to excellent service delivery.Foundation, Growth, and Consolidation StagesAs a brief overview, the FCT-IRS outlook is divided into three stages: Foundation, Growth, and Consolidation. (i)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. (ii) The Growth Stage commenced in January 2024 and will last until December 2028, with the aim of achieving an annual revenue of ₦500 billion.(iii) The Consolidation Stage will commence from January 2029 to December 2034, the Service would be operating on a sustainable level with a global vision to of competing with world class revenue authorities”. She continued, “We are currently at the Growth State and to achieve this ambitious goal, we have designed strategies which include: The optimization of current revenue streamsThe operationalization of non-performing tax types. Conducting strategic tax audits for individuals and non-individuals.”During economic challenges like those we are experiencing today, a tax authority like FCT-IRS is expected to play a crucial role in stabilizing the economy and generating revenue for the government to fund essential public services. Key expectations include maximizing 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 tax payers. The Service is also committed to aligning with Federal Government tax policy reforms aimed at stimulating economic growth”. She stressed, “The Service is also dedicated to engaging with taxpayers, businesses, and other stakeholders to understand their challenges in order to continuously develop solutions that will enhance tax compliance and eliminate tax evasion. “We are currently optimizing and upgrading our technology to improve tax compliance, reduce costs, and enhance efficiency, to build a more resilient tax system that will enhance revenue generation while making tax paying process seamless for our taxpayers”.On the mid-Year Collection Update, she said, ” I am delighted to inform you that the FCT-IRS in the first half of the year – between January to June – has collected and remitted the sum of ₦126,535,768,441.30.”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.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.Enforcement and Legal Actions”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.Ongoing Efforts and Future GoalsWhile the service has not reached its desired state, we have made made giant stride that has put us in a better position to deliver on our mandate. We are also working tirelessly to surpass our 2024 revenue target by the year’s end, by remaining focus and sustaining the momentum”.FCT-IRS boss there reiterates the commitment of his organisation to continue deliver excellent services with professionalism and efficiency, while providing guidelines for tax administration to taxpayers and residents. She also encouraged all taxpayers in the Federal Capital Territory to prioritize tax compliance, as it is a crucial aspect of development and nation-building. “By fulfilling your tax obligations, you contribute directly to the growth and prosperity of the FCT and the nation at large”, she noted.