FCT-IRS Tops Revenue Expectations With N126.5bn In 6 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, represented by the acting director of tax, Chinwe Anohu-Ndu, made the statement while speaking at a press briefing yesterday in Abuja.

She said FCT-IRS had made efforts to increase revenue with a 53.5% increase from their mid-year collection in 2023, which was 119.7% higher than the collection in 2022.

She also said that in 2023, FCT-IRS generated over N203bn, representing a 63% increase from the N124bn collected in 2022, which exceeded their target of N200bn for the year and set a new target of N250bn revenue for 2024.

She said, “ 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 N126,535,768,441.30.

“We are pleased to report that our mid-year collection 2024 is 53.5% higher than our mid-year collection 2023. The collection is higher by N44,076,516,599.50 compared to the N82,459,251,841.80 realised in the first half of 2023.”

“She added that it is 119.7% higher than the mid-year collection of 2022; the collection in 2024 is N68,935,844,331.10 higher compared to the N57,599,924,110.20 collected in 2022. This trend indicates year-on-year growth.”

Chinwe stressed that the collection growth demonstrates the agency’s commitment and dedication to overcoming obstacles.

She said, “The FCT-IRS has achieved impressive results by leveraging technology and building one of the most functional e-service portals.