<\/p>\n
Federal Capital Territory Minister,Barr.Nyesom Wike has declared a significant boost in the nation’s capital revenue, to his aggressive revenue drive.<\/p>\n
The Minister who disclosed this while fielding questions from selected newsmen in a media chat in Abuja, said, since assuming office in August 2023, the monthly earnings have skyrocketed from \u20a69 billion to an average of \u20a625 billion. In December 2024, the capital generated an impressive \u20a640 billion.<\/p>\n
Wike attributes this growth to the collection of ground rents and payment of Certificates of Occupancy by land allottees.<\/p>\n
He emphasized that the FCT pays substantial salaries, totaling \u20a613 billion every month, which cannot be covered by VAT and federal government allocations alone.
\nTherefore, augmenting from internally generated revenue is crucial to meet these expenses.<\/p>\n
\u201cWe don\u2019t get up to N13bn from VAT and the 1% from the Federal Government. So, we have to augment from the IGR to be able to pay the salaries because of the new wages,\u201d he said.<\/p>\n
\u201cAs at the time I came, we were generating about N9bn to N10bn. Today, by the grace of God, we are not generating less than N25bn a month.<\/p>\n
\u201cIt is because of our aggressive revenue drive. In fact, last month, we were able to generate about 40 something billion naira. Aggressive revenue drive to be able to carry out infrastructure<\/p>\n
\u201cIt must be from taxes and when taxes are not paid how do we get development?\u201d he asked.<\/p>\n
\u201cIn your conscience, can you say that the FCT is justifying the revenue or the taxes you are paying? Yes, it is correct. We can beat our taxes to say we are doing that but it is not enough,\u201d he added.<\/p>\n
The minister believes that the nation’s capital has the potential to generate up to \u20a6300 billion in monthly revenue if land allottees fulfill their obligations.<\/p>\n
Wike stressed that taxes are essential for development, and the FCT is committed to justifying the revenue generated from taxes.<\/p>\n","protected":false},"excerpt":{"rendered":"
Federal Capital Territory Minister,Barr.Nyesom Wike has declared a significant boost in the nation’s capital revenue, to his aggressive revenue drive. The Minister who disclosed this while fielding questions from selected newsmen in a media chat in Abuja, said, since assuming office in August 2023, the monthly earnings have skyrocketed from \u20a69 billion to an […]<\/p>\n","protected":false},"author":2,"featured_media":906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[813,814,17,653,259],"class_list":["post-1349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","tag-boast","tag-drive","tag-economy","tag-generation","tag-revenue"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/1349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=1349"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/1349\/revisions"}],"predecessor-version":[{"id":1350,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/1349\/revisions\/1350"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/906"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=1349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=1349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=1349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}