The Federal Capital Territory (FCT) has experienced a remarkable boost in its monthly revenue, increasing from ₦9 billion in August 2023 to an average of ₦25 billion, according to the FCT Minister, Nyesom Wike.
Speaking during a media chat on Sunday evening, Wike disclosed that the nation’s capital generated over ₦40 billion in December 2024.
He attributed this surge to an aggressive revenue collection strategy, emphasizing ground rents and the payment of Certificates of Occupancy (C of O) by land allottees as significant contributors to the growth.
“The FCT pays salaries to the tune of ₦13 billion every month. We don’t get up to ₦13 billion from VAT and the 1% allocation from the Federal Government.
So, we have to augment from internally generated revenue (IGR) to meet salary obligations, especially with the new wages,” Wike stated.
The minister highlighted the impressive progress made since his tenure began. “When I assumed office, the FCT was generating about ₦9 billion to ₦10 billion.
Today, by the grace of God, we are not generating less than ₦25 billion monthly,” he revealed.
Wike further explained that the success is a result of the administration’s dedication to ensuring tax compliance. “It must be from taxes. When taxes are not paid, how do we get development? In fact, last month, we generated about 40-something billion naira through this aggressive drive to support infrastructure projects,” he added.
Despite the progress, Wike believes the FCT can do much more.
He estimated that the nation’s capital could generate as much as ₦300 billion monthly if land allottees fulfilled their obligations.
“In your conscience, can you say that the FCT is justifying the revenue or the taxes you are paying? Yes, it is correct, but it is not enough. We are doing our best, but there is still room for improvement,” Wike stated.
The minister assured residents that their contributions are being utilized effectively to improve infrastructure and enhance the quality of life in the FCT.
He also emphasized the need for residents to fulfill their civic responsibilities by paying taxes promptly, as this directly impacts development.
With the revenue drive showing significant promise, stakeholders are optimistic about the FCT’s future financial sustainability and infrastructure development.