Monday, January 20, 2025 - The Minister of the Federal Capital Territory, FCT, Nyesom Wike, says his aggressive revenue drive has increased the monthly earnings of the nation’s capital from about N9bn when he assumed office in August 2023 to an average of N25bn monthly.
Wike made this disclosure on Sunday during a media parley, stressing
that the nation’s capital generated over N40bn in December 2024.
The Minister said the growth in revenue is due to the collection of
ground rents and payment of Certificates of Occupancy (C of O) by land
allottees.
According to him, the FCT pays salaries to the tune of N13bn every
month.
“We don’t 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.
“As of 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.
“It 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.
“It must be from taxes, and when taxes are not paid, how do we get
development?
“In 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,” he added.
The immediate past governor of Rivers State said the nation’s capital
has the potential to generate up to N300bn in monthly revenue if land allottees
fulfill their obligations
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