The Federal Capital Territory (FCT) Minister, Nyesom Wike, has revealed that his aggressive revenue drive has significantly increased the monthly earnings of the nation’s capital, rising from approximately ₦9bn when he assumed office in August 2023 to an average of ₦25bn monthly.
Speaking during a media chat on Sunday evening, Wike also noted that the FCT generated over ₦40bn in revenue in December 2024. He attributed this growth to the collection of ground rents and the payment of Certificates of Occupancy (C of O) by land allottees.
The minister explained that the FCT pays about ₦13bn in salaries each month, a figure that exceeds its revenue from VAT and the 1% share from the Federal Government. As a result, the FCT has had to augment its Internally Generated Revenue (IGR) to meet salary obligations, particularly due to the new wage structure.
Wike further emphasized the importance of taxes for development, saying, “It must be from taxes and when taxes are not paid how do we get development?” He expressed confidence in the FCT’s potential to generate up to ₦300bn monthly if land allottees fulfill their financial obligations.
The minister’s revenue efforts have played a crucial role in the capital’s ability to fund infrastructure and public services, reflecting a more sustainable financial approach for the FCT.
