The Federal Capital Territory Administration (FCTA) has revealed its ambitious plan to generate a monthly revenue of N250 billion, with the possibility of reaching N300 billion.
Chinedum Elechi, the Mandate Secretary for Economic Planning, Revenue Generation, and Public Private Partnership (EPRGPP) at FCTA, shared this goal during a discussion with reporters on Friday.
Elechi emphasized that the administration’s approach to taxation in the nation’s capital would prioritize a “human face.”
He stated, “We believe that FCTA has the capacity to generate N250 billion a month, on a good day, and that is the sort of target we are looking at. We can even achieve N300 billion a month in some favorable periods, so that is what we want to work towards.
However, in our efforts to increase revenue, we will also consider the human aspect, as we will streamline issues related to multiple taxation.”
The mandate secretary stressed the necessity of enhancing revenue generation, given the declining sustainability of oil as a revenue source.
He explained, “For us in the FCT, the fallback option is the Internally Generated Revenue (IGR), and we must collaborate to make a meaningful impact. Our goal is not just to harness what we currently have but also to improve upon it.
This means that the more we grow our revenue, the better it will be for all of us. The message is that everyone in this room has a responsibility to contribute to generating more revenue for the FCTA.”