“We Will Expand”: FCT Raises N43.8 Billion From Taxes in January, Shares Plans for 2025

• The FCT Inland Revenue Service (FCT-IRS) has announced massive revenue collection in January 2025
• The tax administrator has set the tone and is now on track to surpass last year's record-breaking revenues
• The FCT-IRS Boss also shared strategies that would be engaged to drive tax collection and urged residents to adhere

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The Federal Capital Territory Inland Revenue Service (FCT-IRS) has generated N43.8 billion in taxes for the month of January 2025.

This means a very strong start to the year and could result in half a trillion naira in tax revenues by the end of the year.

The Acting Chairman of the FCT-IRS, Ango Abdullahi, disclosed this in a Press briefing on Thursday during a tax sensitization outing in Abuja.

Abdullahi noted that the tax administrator is thus on track to surpass its 2024 tax revenue record of N262 billion.

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Recall that FCT-IRS surpassed its 2024 target of N250 billion, with a record-breaking revenue of N262 billion at the end of the year.

FCT-IRS urges residents to file returns

In his address, Abdullahi also commended businesses and employers that adhered to the January 30 deadline to file their tax returns and urged other FCT residents to file their individual returns before the March 31st deadline, the PUNCH reports.

He noted that the individual tax return is mandated of both employed and unemployed residents of the FCT.

He said;

“The reality about these things is that these monies are not manufactured. They are paid from the taxpayers and the residents of this town. The first filing deadline for the year was January 31, 2025, where the employers’ annual return was due. And I must say to you that we got very significant numbers of persons who filed.”

Abdullahi added that those companies that complied would receive letters of commendation, while those yet to comply would face the penalties.

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FCT-IRS to expand presence to public places

To achieve its tax revenue goals for 2025, the FCT-IRS boss disclosed that kiosk offices would proliferate its presence by setting up in public places, including markets and malls.

This would make them accessible to all the residents who want to file their tax returns.

Abdullahi appealed;

“We expect those of you who are not registered to come and register with us. We have 16 tax offices spread out across the entire city—the entire FCT. We will also expand into some of the areas where we do not currently have offices.”

He encouraged residents to stay compliant as this would help the government fund infrastructural development and other projects.

Recall that the Federal Inland Revenue Service (FIRS) has also engaged with stakeholders to roll out e-invoicing options to enhance tax collection.

Taxes push up non-oil revenues

In related news, Nigeria's oil revenues have hit N1.9 trillion in one month, surpassing the monthly growth target.

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This means that non-oil revenues now account for more than three-quarters of Nigeria's total revenues, thanks to the increase in corporate taxes.

The CBN Monthly Economic Report shows that while oil revenue grew, it came 70% short of its target.

Source: Legit.ng