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Business News of Thursday, 30 September 2021

Source: www.sunnewsonline.com

FCT generates N300bn IGR, plans to overtake Lagos

Malam Muhammad Musa Bello, Minister Federal Capital Territory (FCT) Malam Muhammad Musa Bello, Minister Federal Capital Territory (FCT)

As Internally Generated Revenue (IGR) of the Federal Capital Territory (FCT) soared to N301.75 billion in five years, its Minister, Malam Muhammad Musa Bello, has charged all stakeholders to work harder and beat Lagos State’s  IGR in the forseeable future.

According to Bello, who gave the charge Tueday in his goodwill message at the just-concluded FCT Internal Revenue Service (IRS) Stakeholders’ Retreat in Lagos, ” the FCT is not fairing badly,  “but it is not yet uhuru because we are performing far below our set expectations in terms of revenue generation.

Represented by the FCTA Permanent Secretary, Olusade Adesola, the minister added: “Our IGR in terms of per capita last year actually placed us next to Lagos, ahead of Rivers State. However, in terms of total amount of IGR for 2020, FCT generated little over N102 billion and was ranked third behind Rivers State, which realised N117.19 billion.”

Earlier, Adesola, whose speech was delivered by an aide, Dr Jalo, gave a breakdown of the FCT revenue generated from 2016 to 2020, stated:

Year 2016, the amount generated was N31.187billion, making the FCT the 6th among the states. By 2017, the revenue was N14.620billion with the ranking of 15th; by 2018, the revenue had jumped to N59billion. This ranked the FCT as number four. By 2019,the amount generated was N94 billion with the ranking of third; In 2020, the revenue jumped to N102. 944 billion.