FCT-IRS Targets 10,000 Millionaires in Bold Tax Compliance Crackdown

By Achimi muktar

In a decisive move to boost Internally Generated Revenue (IGR), the Federal Capital Territory Internal Revenue Service (FCT-IRS) has unveiled a specialized unit tasked with enforcing tax compliance among over 10,000 high-net-worth individuals (HNIs) in Abuja.

The Acting Executive Chairman of the FCT-IRS, Michael Ango, announced the initiative in a circular released on Sunday, emphasizing the unit’s mandate to ensure the proper assessment, collection, and enforcement of income taxes for wealthy residents of the capital city.

What Defines a High-Net-Worth Individual?

According to Ango, an HNI is classified as any individual earning an annual income of N25 million or more, whether through employment, self-employment, business ventures, or passive income. These individuals, collectively generating trillions of naira, are now under the radar of the FCT-IRS.

“The dedicated unit will profile, assess, and manage tax compliance for HNIs while interfacing with government agencies and organizations within and beyond the FCT,” Ango explained.

Two Weeks to Comply

In a stern message, Ango called on HNIs to voluntarily comply with their tax obligations and settle outstanding liabilities within two weeks. Notices have already been dispatched to identified taxpayers, urging immediate action.

“For our HNI taxpayers, we believe voluntary compliance is in our mutual interest. If they fail to comply, we will apply the full weight of the law to recover outstanding liabilities,” Ango warned.

Why the Crackdown Matters

This initiative aligns with the FCT Administration’s push for infrastructural transformation under Minister Nyesom Wike’s leadership. The FCT-IRS has positioned revenue generation as a cornerstone of the capital’s development strategy, ensuring that residents’ contributions translate into enhanced public services and infrastructure.

“The revenue generated will significantly improve the provision of infrastructure and services not only within the FCT but also in satellite towns,” Ango assured.

Tax Justice for All

Ango reiterated the FCT-IRS’s commitment to ensuring compliance across all income levels, emphasizing that no taxpayer—regardless of status—would be exempt from their civic responsibility. He urged FCT residents to support the government’s efforts by promptly meeting their tax obligations.

The Bigger Picture

This crackdown on tax evasion among Abuja’s wealthiest underscores the government’s determination to close loopholes and build a more equitable revenue system. As the notices go out and the two-week deadline looms, all eyes are on the FCT-IRS to see how this bold initiative reshapes the financial landscape of Nigeria’s capital.