For the first time since Abuja became Nigeria's seat of power, the Federal Capital Territory Administration (FCTA) has been empowered by the National Assembly to independently generate revenue for the administration of the territory.

This feat was achieved on Wednesday when the Senate adopted the harmonised report of both chambers of the National Assembly and eventually passed a bill establishing FCT Internal Revenue Service with the powers to collect, assess and account for revenues accruable to the FCT.

The bill also provides for the establishment of FCT Internal Revenue Service and Management Board with the power to sue and be sued, control and administer different taxes within FCT and as well account for such taxes.

The bill, which was sponsored by Chairman, Senate Committee on FCT, Senator Smart Adeyemi, provides that the board shall be headed by a chairman appointed by FCT minister subject to the approval of the National Assembly and consists of deputy chairman, six representatives from different departments of FCT as well as six persons drawn from each of the six geo-political zones of the country who are knowledgeable in tax matters.

The Service shall among others, collect, recover and pay to the designated account any tax or levy due to the FCT. It will also assess all persons chargeable with tax within the FCT; collect, account and enforce payment of taxes as may be due to the FCT.

Details later