The Federal Capital Territory Internal Revenue Service (FCT-IRS) has reported N262 billion in Internally Generated Revenue (IGR) for 2024.In addition the agency collected N43.8 billion in taxes in January 2025, marking a strong start to the new year.The Acting Executive Chairman of FCT-IRS, Michael Ango, shared this during the agency’s annual sensitization campaign on voluntary tax compliance. He disclosed thatby December 2024, the service exceeded its N250 billion revenue target by N12 billion, showcasing notable growth he stated.He expressed confidence in an even better 2025 performance, emphasizing a strong collection trend in February.He hailed the taxpayers and residents of the FCT, stating that all collected funds came directly from their contributions.On the breakdown of the tax revenue he said the FCT-IRS collected various taxes, including personal income tax, capital gains tax, stamp duties, and property taxes.Other sources include entertainment tax and administrative fees payable to the Federal Capital Territory Administration. Also, Mandatory Tax Filings and Compliance for private companies, MDAs, and employers to file 2024 employee tax returns. He said: ‘The service generates revenue for FCT authorities, area councils, and various secretariats, departments, and agencies’.Ango stressed collaboration with Federal and FCT agencies to establish a revenue ecosystem benefiting all stakeholders.He said the directive aligns with Section 81 of the Personal Income Tax Act (PITA) 2011 and PAYE Regulations.He maintained that employers must report all employee earnings and total taxes using prescribed FCT-IRS forms before the deadline and failure to comply attracts penalties and sanctions, reinforcing the need for voluntary tax compliance he stated.He urged businesses and government agencies to meet tax obligations, emphasizing the benefits of voluntary compliance.
