The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has given his approval for the implementation of a property tax regulation in the city. This means that property owners in the Federal Capital Territory will now be required to pay property taxes.

The FCT-Internal Revenue Service has begun the implementation of the Capital Gains Tax in the FCT, in accordance with the Capital Gains Tax Act 2004. The Capital Gains Tax mandates a ten percent tax on the total chargeable gains arising from the disposal of chargeable assets in a year of assessment.

Haruna Abdullahi, the Executive Chairman of FCT-IRS, announced this development in Abuja on Sunday. He mentioned that the minister has approved key initiatives aimed at boosting revenue for the FCT.

Abdullahi explained, "In the last three weeks, the minister has approved some initiatives that are huge and will certainly change the dynamics in terms of the bottom line. Just the other day, we submitted a draft proposal to the minister for the FCT property tax regulation."

He further elaborated that the FCT-IRS Act empowers the minister to establish a property tax regulation for the FCT. The minister approved the initiative, and there is an ongoing inter-agency collaboration to review the draft regulation involving various stakeholders. Once finalized, the minister will sign the regulation, and it will be gazetted and implemented. Abdullahi expressed confidence that this move will have a significant positive impact on the Internally Generated Revenue (IGR) in the city.