Business

FCT-IRS Generates Over N203bn

Published

2 years ago

December 20, 2023

Editor

The Federal Capital Territory Internal Revenue Service has disclosed that it generated about N203bn in 2023, representing a 63% increase from the N124bn it generated in 2022.

Acting Chairman of the FCT-IRS, Haruna Abdullahi, disclosed at a news conference in Abuja on Wednesday, where he also revealed that the service hoped to generate about N250bn in 2024.

The PUNCH earlier reported that the Service had generated N98.5bn in seven months between January and July 2023, as opposed to the N65.7bn generated in 2022 within the same period.

Abdullahi said the revenue tax collection of the FCT had grown from barely N46bn in 2017, to N124bn in 2022, representing an over 270% increase, adding that the service was optimistic that it could generate N250bn with the support of staff of the FCTA, the National Assembly, and other key stakeholders.

He said, “The Tax Revenue Collection of the FCT-IRS grew from barely N46 billion in 2017 to over N124 billion in 2022, indicating over 270% growth. At this point, I would like to inform the general public that, as of December 19, 2023, the FCT-IRS, for the first time since its inception in 2015, has exceeded the N200 billion mark by generating the sum of N203,147,090,410.5 annual revenue for the year 2023. This is a huge milestone for the service, and it represents about a 63.34% increase in collection from the preceding year.

“For the year 2024, FCT-IRS has a target of N250 billion (Two-hundred and Fifty Billion Naira), we are determined and optimistic that we will realize and surpass that, with the committed and dedicated staff of the service, support from the FCT Administration, the National Assembly, and other key stakeholders, including our esteemed taxpayers, it is achievable, and the task ahead is surmountable.”

The acting chairman explained that the taxpayer base of the FCT had grown from 543,969 individuals, and 284,746 non-individuals in 2015 to 1,108,162 individuals, and 389,981 non-individuals in 2023.

He added that the FCT-IRS would begin the enforcement of Section 85 of the Personal Income Tax Act, 2011 (as amended) and Section 31 of the FCT IRS Act 2015, which required Secretariats, Departments and Agencies, commercial banks, and other corporate bodies to demand and verify Tax Compliance Certificates as precondition for rendering services in the FCT.

“As part of our efforts to ensure compliance with filing of returns, the Service will, in accordance with the tax laws apply penalty for non-filing of annual returns by 31st January of every year for employers and 31st March of every year for individuals. A comprehensive reassessment of returns will be intensified, which will be followed by constant monitoring and compliance exercises.

“For the avoidance of doubt, section 32 of the FCT-IRS Act, 2015 empowers the Chairman of the Service to authorize any Officer of the Service to have free access to properties and records of taxpayers for the purpose of compliance with the tax laws. The Service will not only hesitate to prosecute tax offenders through the instrumentality of the law, but will ensure that all taxes due to FCT are recovered,” he said.

Business

Again, Dangote Refinery Hikes Fuel Price

Published

15 hours ago

May 6, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.

This is the first fuel increase by the Refinery in the month of May.

This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.

Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

2 days ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

4 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.