Over N250 billion is the monthly internal income target that the Federal Capital Territory Administration has set for the region.
The administration has a target of N300bn
Jerrymusa.com reports that this information was provided by Chinedum Elechi, the mandate secretary of the Economic Planning, Tax Generation, and Public-Private Partnerships Secretariat, on Friday during a meeting with tax officials at the FCDA Conference Hall in Abuja.
Elechi stated that the administration may even be able to produce N300 billion in a single month, but added that it will also have a “human face” to address the problems with different taxes in the FCT.
According to him, FCTA can generate N250 billion a month on a good day; therefore, that is the kind of goal we are aiming for.
Tax revenue will contribute largely
“During some prosperous times, we can even reach N300 billion each month. So that’s what we’re trying to figure out. However, because we will be dealing with concerns about numerous taxes, it will also have a human face in our efforts to increase revenue. As a result, things will be simplified.
Elechi added that it was crucial for all revenue-generating secretariats, departments, and agencies to strive towards raising money for the FCT’s infrastructural development, particularly in light of the Federal Government’s shrinking statutory allocation.
“Improved IGR is essential to the administration’s funding in order to supplement the decreasing monthly statutory allocations from the federal government for expedited infrastructure development in the FCT. In order to meet our IGR targets and fulfil these significant obligations, it is imperative that we all step up our efforts.
SDa to locate all money production source
He tasked each SDA with locating all money-producing sources, pursuing their revenue goals, and closing any gaps or revenue leaks.
In order to promote revenue production and the convenience of doing business in the FCT, meeting participants decided to develop a framework for revenue optimisation and harmonisation, capacity-building incentives, and the creation of a shared database of revenue collection agencies and taxpayers.
Punch Nigeria reports that the FCT Water Board, the Department of Outdoor Advertising and Signage, the FCT Inland Revenue Service, the Health and Environmental Services Secretariat, the Agriculture and Rural Development Secretariat, the Abuja Environmental Protection Board, and the Transport Secretariat were a few of the SDAs present at the meeting.