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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has revealed that the revenue generation from the nation’s capital has increased from ₦9bn to ₦10bn monthly to ₦25bn monthly.
Wike disclosed that the increase in revenue generation was recorded between August 2023, when he became the FCT Minister, and the current time.
According to him, the increase was achieved through an aggressive revenue drive with a focus on the collection of ground rents and payment of Certificates of Occupancy (C of O) by land allottees.
He disclosed that in December 2024 alone, the FCT generated over ₦40bn.
Speaking on Sunday during a media chat, Naija News reports that Wike said if land allottees fulfill their obligations, the FCT can generate up to ₦300bn monthly revenue.
The Minister said the FCT doesn’t get enough revenue allocation from the government and, hence, has to shore up its expenses with Internal Revenue Generation, noting that the wage bill for the FCT is ₦13bn every month.
He stressed the need for FCT residents to fulfill their tax obligations.
“We don’t get up to N13bn from VAT and the 1% from the Federal Government. So, we have to augment from the IGR to be able to pay the salaries because of the new wages.
“As at the time I came, we were generating about N9bn to N10bn. Today, by the grace of God, we are not generating less than N25bn a month.
“It is because of our aggressive revenue drive. In fact, last month, we were able to generate about 40 something billion naira. Aggressive revenue drive to be able to carry out infrastructure
“It must be from taxes and when taxes are not paid how do we get development?
“In your conscience, can you say that the FCT is justifying the revenue or the taxes you are paying? Yes, it is correct. We can beat our taxes to say we are doing that but it is not enough,” he submitted.
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