FCTA targets over N250bn monthly generated revenue
FCTA targets over N250bn monthly generated revenue
The Federal Capital Territory Administration has set a monthly internal revenue target of N250 billion naira for the region.
Chinedum Elechi, the mandated Secretary of the Economic Planning, Revenue Generation, and Public-Private Partnerships Secretariat, stated this on Friday during a meeting with revenue officials at the FCDA Conference Hall in Abuja.
Elechi stated that the administration might generate as much as N300 billion naira in a month, but that it will have a “human face” to cope with the difficulties of numerous taxation in the FCT.
He stated, “We think that FCTA can do N250 billion a month on a good day, and that is the sort of target we are looking at.
“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.”
Elechi also said that it was critical for all revenue-generating secretariats, departments, and agencies to work together to generate revenue for the FCT’s infrastructure development, especially in light of the Federal Government’s declining statutory budget.
“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 directed that each SDA identify all money-generating sources, pursue their revenue targets, and close any loopholes or revenue leakages.
Meanwhile, meeting participants decided to develop a revenue optimization and harmonization framework, capacity-building incentives, and a common database of revenue collection agencies and taxpayers in order to promote revenue production and the convenience of doing business in the FCT.
The Abuja Geographic Information System, the FCT Inland Revenue Service, the Department of Outdoor Advertising & Signage, the FCT Water Board, the Health & Environmental Services Secretariat, the Agriculture and Rural Development Secretariat, the Abuja Environmental Protection Board, and the Transport Secretariat were among the SDAs present at the meeting.
