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FCT Revenue Soars: Wike Attributes Success to Aggressive Revenue Drive

Favour Ishember, Abuja

 

Minister of the Federal Capital Territory, Barr..Nyesom Wike has announced a significant boost in the nation’s capital revenue, thanks to his aggressive revenue drive.

 

Speaking with selected newsmen in a media chat in Abuja, the Minister said, since assuming office in August 2023, the monthly earnings have skyrocketed from ₦9 billion to an average of ₦25 billion. In December 2024, the capital generated an impressive ₦40 billion.

 

Wike attributes this growth to the collection of ground rents and payment of Certificates of Occupancy by land allottees.

 

He emphasized that the FCT pays substantial salaries, totaling ₦13 billion every month, which cannot be covered by VAT and federal government allocations alone.

Therefore, augmenting from internally generated revenue is crucial to meet these expenses.

 

“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,” he said.

 

“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?” he asked.

 

“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 added.

 

The minister believes that the nation’s capital has the potential to generate up to ₦300 billion in monthly revenue if land allottees fulfill their obligations.

 

Wike stressed that taxes are essential for development, and the FCT is committed to justifying the revenue generated from taxes.

 

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