The Senate on Wednesday approved the N168,809,476,220 as the 2020 budget of the Federal Inland Revenue Service (FIRS).
The approval followed the presentation of the report of the Senate Committee on Finance in the FIRS’ 2020 budget proposal.
Chairman of the Committee, Senator Solomon Adeola (Lagos West), recommended a one-off special purpose intervention fund of N100 billion for the agency which was approved by the Senate.
Adeola said the N100 billion is to assist the FIRS fund pressing needs such as: completion of the FIRS Head Office building complex; Six training schools; 30 Prototype Tax Operations Office; Purpose-built facilities for efficient taxation of Upstream Petroleum Industry and ICT Infrastructure to identify and track digital transactions.
He also put the estimated revenue target for the agency for the 2020 fiscal year at about N6 trillion comprising oil revenue of N1.56 trillion and Non-Oil revenue of N4.502 trillion.
He noted the 2020 FIRS budget is based on Zero Budgeting approach while the revenue estimates are based on the approved 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
He added that projected 4% Cost of collection is estimated at N180.086 billion while the 2% Cost of Collection (VAT) ceded to Nigeria Customs Service is N11.279 billion.
