I have moved FCT internally generated revenue from N9b to N30b monthly – Wike

By Kunle Sanni

Minister of the Federal Capital Territory (FCT), Nyesom Wike, says the internally generated revenue (IGR) of the FCT has grown from about N9 billion to N30 billion monthly since he assumed office in August 2023.

Wike made the disclosure in an interview with the BBC Pidgin Service, where he spoke on efforts by his administration to improve fiscal sustainability and complete key infrastructure projects in the nation’s capital.

“When I assumed office, the monthly IGR was about N8 to N9 billion. But after reviewing the situation with my team, we agreed it was insufficient,” the minister said.

He noted that the FCT receives just 1 per cent of national allocation from the federal government, which he described as inadequate for the scale of development required.

According to Wike, his administration adopted a range of strategies to boost revenue, including blocking leakages, enforcing compliance, and revoking underutilized land titles to recover public assets and improve financial inflows.

“We got serious and took some tough decisions. We revoked lands where necessary and worked hard to ensure the FCT gets the money it deserves. That’s how we’ve been able to fund many of our projects,” he said.

He admitted that while the administration has not “fully succeeded” in all areas, significant progress has been made.

“As I speak to you now, the revenue has increased to around N30 billion monthly. That’s the kind of result we were aiming for,” Wike said.