FCT Revenue Service Generates N126.5bn In Six Months
The Federal Capital Territory-Internal Revenue Service (FCT-IRS) on Monday announced it raked the sum of N126.5bn in revenue at the end of the first six months of 2024.
This, the commission said, represents a 53.5 per cent increase than the N82.5bn mid-year collection for 2023.
Speaking at the mid-year briefing in Abuja, the Executive Chairman of FCT-IRS, Haruna Abdullahi said the surge is in line with the service plan to boost revenue.
He 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 N126.53bn
“We are delighted to state that our mid-year collection for 2024 is 53.5 per cent higher than our mid-year collection for 2023, the collection is higher by N44.076bn in comparison to the N82.45bn realized in the first half of 2023.
“Additionally, it is 119.7 per cent higher than the mid-year collection of 2022, the collection in 2024 is N68,935,844,331.12 higher compared to the N57,599,924,110.2 collected in 2022.
“This trend is indicative of a year-on-year growth”.
Speaking further, Abdullahi said the service is currently optimizing and upgrading 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 taxpayers.
This, according to him, would boost the service’s key expectations of maximizing tax collection to increase government revenue and ensure efficient tax administration by streamlining tax processes.
He also noted that the technology upgrade would help in reducing bureaucracy, and combating tax evasion and fraud while educating and enlightening taxpayers.
In addition, he assured of the service’s dedication 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.
