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Economy/Business

FCT-IRS urges FCT residents to file annual returns before March 31

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By Nana Musa

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has urged all residents in the territory to file their Annual Income Returns before March 31.

The Head, Corporate Communications, FCT-IRS, Mr Mustapha Sumaila, announced the deadline in a statement on Wednesday in Abuja.

Sumaila said that filing annual returns of income from all sources was mandatory for all taxpayers, including those in employment (private and public sector), and public office holders.

He said that those in self-employment, including business owners and partnerships/enterprises, residents of the FCT for the preceding year, 2024, were also required to file the returns.

“The returns must be filed in the manner and within the time specified by law.

“The Personal Income Tax Act provides that a taxable person shall file a return of income in the prescribed form and containing the prescribed information with the tax authority.

“This is to be filed with a true and correct statement in writing containing the amount of income earned by the taxpayer from every source of the year preceding the year of assessment,” he said.

According to Sumaila, failure to file the returns by March 31 will result in FCT-IRS issuing a judgment assessment on all defaulters.

He said that they would be required to pay in line with the provisions of Section 54(3) of the Personal Income Tax Act.

Sumaila said that the Acting Executive Chairman of FCT-IRS, Mr Michael Ango, had been leading the campaign for voluntary tax compliance by all residents of the FCT. (NAN) 

Edited by Kadiri Abdulrahman

Economy/Business

FCT-IRS collected N262bn in 2024, N43.8bn in January – Chairman

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By Nana Musa

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has collected N262 billion Internally Generated Revenue (IGR) in 2024.

Mr Michael Ango, acting Executive Chairman, FCT-IRS also said that the service had so far collected N43.8 billion in January.

Ango disclosed this on Thursday, during the service’s annual sensitisation campaign to mobilise FCT residents for voluntary tax compliance.

He explained that at the end of 2024, the FCT-IRS had collected a total of N262 billion, representing N12 billion more than the N250 billion targeted for the year.

While the performance was impressive, the executive chairman expressed confidence that 2025 would be better, adding that the service has commenced the year very strongly.

“In the month of January, we collected N43.8 billion and so far, in the month of February, we are also on track.

“The reality about the collection is that these monies are not manufactured, they are paid by taxpayers and residents of this town,” he said.

He identified some of the taxes being collected by the FCT-IRS as personal income tax, capital gains taxes, stamp duties, property taxes, entertainment tax and fees due to the FCT.

He also said that the FCT-IRS works for the entire FCT, explaining that it collects revenue for the FCT Administration for the area councils; for the FCT Secretariats, its departments and agencies.

He added that in doing this, the service was collaborating very strongly with all sister agencies, both at the federal and the FCT level.

“We have been reaching out to various agencies and what we are hoping to do is to create a revenue ecosystem whereby everybody believes that they are partners and stakeholders in raising revenues for the FCT,” he said. (NAN)

Edited by Philip Yatai

Economy/Business

RMAFC seeks sustainable revenue generation to address dwindling allocations

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By Vivian Emoni

The Chairman of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr Mohammed Shehu, has called for sustainable revenue generation to address dwindling allocations.

Shehu also called for effective collaboration among relevant stakeholders for innovative revenue strategies to meet public service demands at all levels of government.

He made the call on Wednesday in Abuja, at a two-day training titled, “Optimising Revenue Generation, Budgeting Process and Good Governance”.

The RMAFC chairman said that the commission’s constitutional mandate was to advise the three tiers of government on fiscal efficiency and revenue enhancement.

He said that strengthening revenue generation was no longer an option but a necessity for economic stability and sustainable development.

According to him, the training is designed to equip government officials and stakeholders with necessary knowledge and skills to improve revenue mobilisation, budgeting and fiscal management.

He acknowledged the importance of strong partnerships with various stakeholders and efficient fiscal management in enhancing revenue generation.

He said that the programme would provide a platform for participants to engage with experts and explore best practices in revenue optimisation.

“We must move beyond traditional revenue sources and explore new frontiers to boost fiscal sustainability.

“At the end of this training, participants are expected to have a deeper understanding of revenue generation challenges and opportunities.

“The training will help them to acquire practical skills in revenue mobilisation and management and develop strategic partnerships to enhance revenue generation,” he said.

Shehu said that the participants would also be able to identify innovative solutions to address revenue shortfalls by leveraging areas of comparative advantage.

He urged all stakeholders to take full advantage of the training, emphasising that achieving fiscal sustainability requires proactive measures, collaboration and a commitment to good governance. (NAN)

Edited by Kadiri Abdulrahman

Economy/Business

FCT Internal Revenue Service partners EFCC to enhance tax compliance

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By Philip Yatai

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has sought collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance tax compliance in the territory.

The acting Executive Chairman of the Service, Mr Michael Ango, solicited for the partnership when he visited Executive Chairman of the EFCC, Mr Olanipekun Olukoyede, in Abuja on Wednesday.

Ango explained that the partnership was in line with the mandate of the FCT-IRS to collaborate with relevant agencies such as the EFCC towards improving tax compliance in the FCT.

He disclosed that one of the major initiatives of the FCT-IRS in 2025 was the harmonisation of revenue collection and administration in the FCT.

This, he said, would not be achieved without the support and collaboration of all stakeholders including anti-graft agencies.

“This is to ensure that all revenue due to the FCT is collected and accounted for in a transparent manner, enhance ease of doing business and improve revenue generation.

“This will further consolidate the massive infrastructural development in the territory by FCT Minister Nyesom Wike,” he said.

He argued that most suspects being investigated by EFCC for financial crimes were not tax compliant.

Ango added that it would be helpful if the suspects’ tax obligations would also be interrogated as part of EFCC’s investigation processes.

According to him, this approach can also be extended to forfeiture of assets or monies of suspects to the EFCC by the courts.

“When suspects are being investigated or charged to court, we will like to know, Mr Chairman, their tax compliance level.

“If they escape from one door, we can catch them through another door. We will, therefore, be happy to partner with you on this, like we are doing with your sister agency, the Nigerian Financial Intelligence Unit (NFIU),” he suggested.

The FCT-IRS boss condoled with the EFCC on the recent loss of its operative.

He also commended the commission’s chairman and his management team for the excellent work they are doing to tackle financial crimes in the country.

In his remarks, the EFCC boss thanked Ango and his team for the visit and expressed the commission’s willingness to partner with the FCT-IRS to improve revenue collection in the FCT.

Olukoyede said the commission had entered into similar partnerships with the Federal Inland Revenue Service (FIRS) and other State Internal Revenue Services.

He expressed the commission’s readiness to extend the same gesture to the FCT-IRS.

According to him, the move will enable the FCT-IRS to shore up its revenue collections.

He, however, stressed the need for a Memorandum of Understanding (MoU) to highlight the specific areas of collaboration, pointing out that MoU would further strengthen the relationship between the two organisations.

The EFCC chairman, who said he has been keeping tabs on Ango’s achievements since appointment as the FCT-IRS boss, also lauded the ongoing massive infrastructural development in the FCT.

“This shows that taxpayer’s money is being judiciously used across the territory for the benefits of all,” he said. (NAN)

Edited by Muhammad Lawal

Economy/Business

FCT-IRS collects N252.83bn IGR in 2024

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By Philip Yatai

The Federal Capital Territory Internal Revenue Service (FCT-IRS), has collected a total of N252.83 billion Internally Generated Revenue (IGR) in 2024.

The acting Executive Chairman of the service, Mr Michael Ango, made this known at the 2024 end of year media parley, in Abuja on Thursday.

Ango said that the amount, collected between January and Dec. 18, represents 101 per cent of the N250.2 billion target for the year.

He added that the figure also represents a 19.8 per cent increase on the N211.1 billion collected in 2023.

He attributed the successes to the dedication of members of staff and management staffers of the service, FCT Secretariat, Departments and Agencies, FCT area councils and other government agencies.

He also commended the support of the Senate and House Committees on FCT

The FCT-IRS boss said that since his appointment in August 2023, he had taken certain steps to improve the ability of the service to discharge its mandate.

According to him, one of the changes is the review and expansion of the organisation’s structure, with the creation of new departments.

He identified the department as Audit, Debt Management and Enforcement, as well as the expansion of the Tax Operations Department by taxpayer type.

This, he said,  led to the creation of two new directorates, one of which focused on government’s Ministries, Departments and Agencies, corporate entities and international organisations.

Ango added that the other directorate focused on individuals and enterprises and partnerships.

“We also created a separate Learning and Development Department, which focuses on capacity building and training of our employees and other stakeholders.

“We created a High Net-worth Individuals Unit, focused on taxation of HNIs in Abuja.

“FCT-IRS has further strengthened its collaboration with the Nigerian Financial Intelligence Unit to get active intelligence on HNIs in Abuja with a view to improving tax compliance and collection,” he said.

“In terms of external collaboration, we have also strengthened collaboration with the Federal Inland Revenue Service, Joint Tax Board and the FCT Judiciary, amongst others.

“This is to enhance our ability to collect revenue for the FCT,” he said. (NAN)

Edited by Rotimi Ijikanmi

General News

Mining cadastre’s revenue hits N8.1bn in October

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DG of Nigeria Mining Cadastral Office, Obadiah Nkom

By Nana Musa

The Director-General (D-G) of Nigeria Mining Cadastral Office (MCO), Obadiah Nkom, says the office has generated N8.1 billion revenue since January.

Nkom disclosed this while welcoming the Senate Committee on Solid Minerals led by its Chairman, Sen. Sampson Ekong, on an oversight visit to the NMCO headquarters on Monday in Abuja.

He described the revenue as a record-breakimg achievement, marking a substantial rise in earnings for the agency.

He said that the surge reflected the country’s strengthened commitment to diversifying its economy through the solid minerals sector and improving its mining sector’s regulatory framework.

The D-G attributed the increase in revenue to enhanced transparency, enforcement measures, and digitalisation that streamlined the licensing and revenue collection processes.

He said that the ongoing initiatives to enhance transparency, reduce processing times, and ensure equitable mining rights distribution, also contributed to the agency’s record earnings.

“Revenue generated by the office from inception to date is N36.048 billion.100 per cent of revenue generated is remitted to the Federal Government Treasury Single Account (TSA).

“Revenue generated from 2019 – October, 2024, N26.230 represents 75 per cent of revenue generated. Revenue generated from 2023 to October 2024 is N13.194 bIllion.

“This represents an increase of 63 per cent over N8.094 billion generated in the corresponding period from, 2021 to Sept. 2022,” Nkom said.

He briefed the committee on the Cadastre’s role in overseeing the issuance of mining licenses and permits, as well as its efforts to streamline operations within the industry.

He listed some of the challengesacn the cadastre to include inadequate funding and in adequate office space.

“This premises is housed by a part of the World Bank. We are renting the building, and we have been having many issues of paying the rent. These are the only two places that we have.

“The other one, of course, is rented and even this place is very congested by the time we now go around. The challenges are just numerous,” he said.

He said that the MCO worked with all the law enforcement agencies to ensure that cadastre was secure.

He, however, said that there were quite a number of litigations going on.

“ I want to inform this distinguished committee that we have had litigations since the inception of the mining cadastral, and we have had almost 100 per cent successes in our litigations,” he said.

Earlier, Ekong said that the visit was aimed at enhancing transparency and accountability in the country mining sector.

He said that the visit was essentially to ensure that the NMCO fulfilled its obligations in alignment with federal guidelines, enhancing the mining sector’s contribution to Nigeria’s economy.

“Insights from this visit have been valuable, and we will examine the reform processes. Strengthening the sector will require effective collaboration and reform.

“We have taken note of the issues raised, and our focus is to add value and transparency to this sector,” the senator said.

He said that the committee would review the documentation provided by the NMCO and pledged continued support for the Cadastre.

He stressed the importance of synergy between regulatory bodies to fully maximise Nigeria’s mining potential.

The News Agency of Nigeria (NAN), reports that the senate committee’s oversight visit was aimed at evaluating the cadastre’s adherence to regulatory standards.

It was also aimed at reviewing its operational efficiency, and identifying potential areas for improved resource management. (NAN) (www.nannews.ng)

Edited by Kadiri Abdulrahman

Economy/Business

N20 bn annual IGR excites Gov. Sule of Nasarawa

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By Lucy Ogalue

The Governor of Nasarawa, Abdullahi Sule, says the state is one of the richest states in the federation if its potential are effectively harnessed.

Sule told newsmen in Lafiya that the state’s annual Internally Generated Revenue (IGR) has recorded significant increase from N7.7 billion in 2019 to more than N20 billion currently.

” We are also generating between N1.3 billion and N1.7 billion monthly,” he said.

He said that Nasarawa was blessed with hydrocarbons, solid minerals, precious metals, which are yet to be fully tapped; and a huge comparative advantage in agriculture.

He said that there was a marble site in Gudi, where a Chinese company produces tiles and other ceramic products.

“You will even be more excited if you had gone to the site of our lithium processing plant.

“There are also tin operations. These solid mineral factories are being duplicated across the state, and more companies are coming in to invest in the solid minerals sector right now.

“We pride ourselves on being the state housing the biggest lithium processing plant in the country.. These are the kinds of developments happening,” he said.

The governor said that his administration had also invested heavily in agriculture.

“Abdullahi Adamu, our first executive governor, has a farm of about 3,000 hectares.

“We have our own 10,000 hectares belonging to the state government. We have already started harvesting rice.

” We have not even signed any MoU with any buyer; instead, we are focused on harvesting the rice. We are keeping it in the warehouse, forming a pyramid of rice,” he said.

He said that the Nasarawa State Vocational and Technology Center in Lafia was one of the developmental initiatives of the state.

According to him, the idea informed by the need to produce needed artisans for Nigeria’s industrial development.

“When Dangote decided to construct the refinery at Epe, Lagos, the whole program started with the silos, the distillation unit, and some of the most sophisticated and expensive equipment.

“The manufacturers insisted that they needed skilled and certified technicians.
We needed to go to India because we couldn not find enough in Nigeria.

“Dangote imported 4,000 technicians from India. They were the only ones qualified and deployed because nobody would have that kind of installation unit and allow an unqualified mechanic to work on it.

“This is why I said that if I become the governor of Nasarawa, we will produce skilled technicians who will be ready for employment when another Dangote is looking for 4,000 skilled artisans.

“At least we can say we in Nasarawa have 500 technicians; go and find the other 3,500 elsewhere. This is my motivation and my dream,” he said.

Sule said that the state was committed to uplifting the standard of women and other vulnerable groups.

According to him , the government recently inaugurated a gender document, the first in the country.

He said that It was all about women, and is part of the Human Capital Development Agency, chaired by the Deputy Governor.

“All these initiatives are geared towards helping women.

“Nasarawa is a pacesetter when it comes to women taking the lead in leadership and careers.

” For the first time, a woman is the Chief Justice of Nasarawa, and for the first time, we have a woman as Vice Chancellor of the state university.

“This is part of my administration’s vision to empower women, and the reason is that I have had some very important women who played key roles in my life, and I have seen their impact,” he said.

The governor expressed commitment to providing quality infrastructure in the rural areas.

According to him, the wealth of Nasarawa is in the villages.

“The farming areas and the minerals we are discussing are located in the villages.

“The activities that will truly bring wealth to Nasarawa are in the villages. One of the things we must do is empower the villages to foster a sense of belonging.

” Our administration is committed to inclusivity. We do not want anyone to be left out.

“Youth, women, or the elderly; everyone is included. That is why we are providing training and skill acquisition for young people who have just graduated from school.

“We are also doing it for those who are retiring. We want the entire value chain to be incorporated,” he said.

He said that, though Nasarawa was among the states receiving the least allocation from the federal government, it remained one of the states with the greatest potential in human and capital resources.

“We have mineral resources, oil and gas. Oil drilling is taking place in Obi Local Government Area,

“Our state is one of only three states in the North where oil exploration is happening. For this reason, Nasarawa can not be poor,” he said.

He said that the state government was not borrowing money to execute any of its projects.

“Since I came in, we have not gone to the bank to borrow money. This is a mentality I brought from the private sector; we should not rely on borrowing.

“I decided to close all loopholes. There is a lot of money in Nasarawa, especially in internally generated revenue, but there are also many leakages.

“Our aim is to block these leakages, but we still have a long way to go in terms of revenue generation for the state,” he said.

Sule said that the government was also exploring other sources of revenue.

He said that proximity to the Federal Capital Territory (FCT) was also a major advantage for Nasarawa.

“You will see many projects motivated by our closeness to the FCT, especially in relation to housing.

“These projects are targeted at wealthy individuals living in the FCT, encouraging them to come to Nasarawa. That is one of our strategies,” he said.(NAN)

Edited by Kadiri Abdulrahman

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