The Federal Capital Territory (FCT) Minister, Nyesom Wike, disclosed on Sunday night that property owners in the FCT owe more than ₦300 billion in unpaid Certificates of Occupancy (C of O) fees.
Speaking at a media parley at his official residence in Life Camp, Abuja, Wike provided insight into his aggressive revenue generation strategy, which has significantly boosted the FCT’s earnings. He revealed that when he assumed office in August 2023, the monthly revenue of the FCT stood at approximately ₦9 billion.
However, through targeted efforts, the monthly revenue now averages ₦25 billion, with a notable ₦40 billion generated in December 2024 alone.
The minister attributed this remarkable growth to the collection of ground rents and the settlement of Certificates of Occupancy by land allottees, significantly improving the FCT’s financial position.
In addition to the revenue boost, Wike emphasized that the FCT pays around ₦13 billion in salaries every month, underlining the critical importance of the increased revenue to meet the territory’s financial obligations.
“We do not receive up to ₦13 billion from VAT and the 1% federal allocation, so we must augment our internally generated revenue (IGR) to cover the new salary structure,” Wike explained. He further added that the aggressive revenue drive was essential for infrastructure development in the FCT.
Wike also raised concerns about unpaid taxes, questioning whether property owners in the FCT are fully justifying the taxes they are obligated to pay.
