Ministry of Federal Capital Territory (FCT) has embarked on reforms to support the formation and expansion of Small and Medium-sized Enterprises (SMEs) in the country’s capital.

FCT Minister, Muhammad Bello, revealed that the initiatives included the installation of FCT Business Portal, a digital platform for granting permits, licences and approvals.

The minister, who was represented by Permanent Secretary, Mr. Olusade Adesola, disclosed this during a stakeholders’ resolution retreat in Akure, Ondo State, at the instance of FCT Internal Revenue Service (IRS).

Bello clarified that the online platform would enable organisations and individuals apply for and obtain necessary licences online without the need to go in person to government offices.

He said: “In addition, we are working to streamline and simplify regulations and procedures for business registration, property registration and land use planning. These reforms will help to create a more transparent, predictable and efficient regulatory environment for businesses.

“They are critical components of our efforts to create a more prosperous, inclusive and sustainable capital city for all.” Governor Oluwarotimi Akeredolu, who declared the retreat open, emphasised the need for revenue generation for any society’s sustained socio-economic progress, particularly in emerging economies.

Represented by the Commissioner for Finance, Wale Akinterinwa, the governor said his administration met a skewed tax structure and a non-operational internal revenue board.

“Today, we can boldly say that we have changed the Internally Generated Revenue (IGR) of the state without introducing extra burden on our citizens,” the governor said.

The Executive Chairman, FCT-IRS, Haruna Abdullahi, said the Service’s vision was to establish a world-class revenue collection system in the FCT, by creating a single, unified platform that would enable it track and monitor all revenues generated in the territory.