The Minister of the Federal Capital Territory (FCT), Nyesom Wike, says the Federal Capital Development Authority (FCDA) generated ₦40 billion in revenue for December 2024.
Since taking office in August 2023, Wike’s aggressive revenue drive has increased monthly earnings from ₦9 billion to an average of ₦25 billion.
This growth was a result of Wike’s aggressive revenue drive, which focused on improving the collection of ground rents and ensuring land allottees paid their Certificates of Occupancy (C of O) fees.
Wike explained that the FCT spent approximately ₦13 billion on salaries each month.
With insufficient funding from VAT and the Federal Government’s 1% allocation, the territory relies on its internally generated revenue (IGR) to meet salary requirements, particularly due to the new wage structure.
“When I came in, we were generating ₦9bn to ₦10bn,” he said.
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“Today, by God’s grace, we are not generating less than ₦25bn a month.
Last month, we reached over ₦40 billion.”
He stressed that such revenue growth was essential for infrastructure development.
However, Wike acknowledged that while the FCT made significant progress, it still had more to do.
“We can justify our tax collection, but it’s still not enough,” he said.
Looking ahead, he believed the FCT could generate as much as ₦300 billion in monthly revenue if all land allottees met their obligations.
