The Senate has passed for third reading the Federal Capital Territory (FCT) Internal Revenue Board Bill 2014, which aims to increase the annual Internally Generated Revenue (IGR) for the for the territory to N100bn.
The FCT presently has N250m statutory allocation from the Federation Account while it had proposed a N30bn budget for 2014.
Chairman, Senate Committee on the FCT, Senator Smart Adeyemi, said the bill will enable the FCT to have a revenue board, adding that it would also help to accelerate the socio-economic development of the FCT.
“With the coming of the board in place,” Senator Adeyemi said, “the FCT would be able to generate revenue internally and that will help to augment what is coming from the Federation Account.”
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