Over N250 billion is the monthly internal income target that the Federal Capital Territory Administration has set for the region.
This information was provided by Chinedum Elechi, the mandate secretary of the Economic Planning, tax Generation, and Public Private Partnerships Secretariat, on Friday during a meeting with tax officials at the FCDA Conferences Hall in Abuja.
Elechi stated that the administration may even be able to produce N300 billion in a single month, but added that it will also have a “human face” to address the problems with different taxes in the FCT.
According to him, FCTA can generate N250 billion a month on a good day, therefore that is the kind of goal we are aiming for.
“We can even do N300 billion a month in some good periods. So that is what we want to work out. However, in trying to grow revenue, it will also have a human face, because we are going to be dealing with issues of multiple taxation, so things are going to be streamlined.”
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“Improved IGR is paramount to the funding of the Administration to augment the dwindling Federal Government’s Monthly Statutory Allocations for accelerated infrastructural development in the FCT. Therefore, there is a strong need for all of us to redouble our efforts to attain our IGR targets and deliver on these enormous responsibilities.”
He tasked each SDA with locating all money-producing sources, pursuing their revenue goals, and closing any gaps or revenue leaks.
In order to promote revenue production and convenience of doing business in the FCT, meeting participants decided to develop a framework for revenue optimisation and harmonisation, capacity-building incentives, and the creation of a shared database of revenue collection agencies and taxpayers.
The FCT Water Board, the Department of Outdoor Advertising & Signage, the FCT Inland Revenue Service, the Health & Environmental Services Secretariat, the Agriculture and Rural Development Secretariat, the Abuja Environmental Protection Board, and the Transport Secretariat were a few of the SDAs present at the meeting.
