Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has announced a remarkable increase in the capital’s monthly revenue, which surged from approximately ₦9 billion at the start of his tenure in August 2023 to an impressive average of ₦25 billion. During a recent media briefing, Wike revealed that December 2024 alone saw the FCT generate over ₦40 billion.
The minister attributed this significant revenue growth to enhanced collection of ground rents and timely payments of Certificates of Occupancy (C of O) by land allottees. “When I assumed office, we were generating about ₦9 billion to ₦10 billion monthly. Today, we consistently generate no less than ₦25 billion,” Wike stated.
He emphasized the importance of this revenue boost, noting that the FCT incurs monthly salary expenses of around ₦13 billion. “We do not receive sufficient funds from VAT and the 1% allocation from the Federal Government, necessitating an increase in our Internally Generated Revenue (IGR) to meet our payroll obligations, especially with the new wage structures,” he explained.
Wike underscored the need for a robust revenue framework to support infrastructural development in the capital. “It is essential that taxes are paid to facilitate growth. Can we truly say the FCT is justifying the taxes collected? While we strive to demonstrate our accountability, it is crucial that we receive adequate contributions from all stakeholders,” he remarked.
Looking ahead, the minister expressed optimism for the capital’s financial future, asserting that with full compliance from land allottees, the FCT has the potential to generate up to ₦300 billion monthly.
