FCTA Inaugurates Revenue Board, Targets N400b IGR | Independent Newspapers Limited
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FCTA Inaugurates Revenue Board, Targets N400b IGR

Posted: May 27, 2015 at 9:00 am   /   by   /   comments (0)

By Chesa Chesa –   Abuja


With an annual internally generated revenue target of N400 billion, the Federal Capital Territory (FCT) Minister, Bala Mohammed, on Tuesday inaugurated the FCT Internal Revenue Service Board, chaired by a Harvard alumnus, Ari Isa Mohammed.

This is sequel to the assent by President Goodluck Jonathan to the Act establishing the Board.

At the inauguration ceremony in Abuja, the Minister declared that the N400 billion expected annually would go along way in accelerating infrastructural development in Abuja, especially the satellite towns.

He stressed that the Board was saddled with the responsibility of assessment, collection of, and accounting for, revenues accruable to the FCT and for other related matters.

According to him, this was an important milestone achievement of the Transformation Agenda of Jonathan’s government in the Territory that will guarantee its sustainable funding.

“The dwindling revenue from oil arising from the volatility of the market has necessitated the urgent need for government to pursue other sources of revenue, which will guarantee a sustainable development,” Mohammed stated.

He revealed that the budgetary allocation to the FCT in the last decade had nose-dived, which has constrained its efforts toward realising the aspiration of making the FCT one of the best cities in the world.

He also explained that the FCT Administration’s financial profile has presented a grim picture of over N1 trillion commitments to be paid within the 30-year infrastructure plan and the government has to be proactive.

Mohammed said the FCT administration had turned its challenges into opportunities by increasing revenues through the establishment of this Board thus facilitating the implementation of our budget.

According to him: “it is my utmost belief that with the establishment of this Board and the appointment of members, the FCT revenues will rise but not by increasing tax rates because we are a pro-people administration but by strengthening the tax administration.