The Federal Capital Territory (FCT) Minister, Nyesom Wike, has revealed that the administration’s aggressive revenue drive has significantly increased the monthly income of the nation’s capital, growing from ₦9 billion in August 2023 to an average of ₦25 billion.
During a media chat on Sunday, Wike disclosed that the FCT achieved a record revenue of over ₦40 billion in December 2024. He attributed this financial surge to improved ground rent collections and increased compliance by land allottees in paying for Certificates of Occupancy (C of O).
“When I assumed office, the FCT was generating about ₦9 billion to ₦10 billion monthly. Today, by the grace of God, we are not generating less than ₦25 billion a month. In December alone, we generated over ₦40 billion,” Wike announced.
Infrastructure Funding Through Taxes
The minister underscored the necessity of taxes for infrastructural development and appealed to land allottees to fulfill their financial obligations. “Infrastructure must be funded, and that funding comes from taxes. If taxes are not paid, how do we achieve development?” he asked.
Despite the improved revenue, Wike acknowledged the FCT’s financial challenges, citing a monthly salary obligation of ₦13 billion. He noted that limited contributions from Value Added Tax (VAT) and federal allocations compel the FCT to rely heavily on internally generated revenue (IGR).
“We don’t receive up to ₦13 billion from VAT and the 1% allocation from the Federal Government. To meet salary payments, especially with the new wages, we must augment with IGR,” he explained.
FCT’s Revenue Potential
Highlighting the untapped revenue potential, Wike said the FCT could generate up to ₦300 billion monthly if land allottees complied fully with their obligations. He called for greater accountability in ensuring that the funds collected are effectively utilized for development.
“In your conscience, can you say the FCT is justifying the taxes you pay? While we can proudly point to some progress, it is not enough. The potential exists to achieve much more,” he stated.
Wike’s emphasis on revenue optimization reflects his administration’s commitment to driving infrastructural growth and enhancing service delivery in the FCT. His call to action is expected to resonate with stakeholders and residents alike as the FCT strives to achieve its developmental goals.
