Chairman Senate Committee on Finance, Senator Solomon Adeola on stamp duty crisis

2020 Budget: Senate Approves N168.8 Billion for FIRS

Bukola Olanrewaju July 16, 2020 BUSINESS Leave a comment

The Senate, on Wednesday, approved N168.8 billion budget for the Federal Inland Revenue Service (FIRS) for the 2020 fiscal year.

The upper chamber also approved a one-off N100bn special purpose intervention fund for the agency’s key capital projects.

Specifically, the fund is to assist the FIRS complete its head office project within 12 months; six training schools; 30 prototype tax operations offices; purpose-built facilities for efficient taxation of upstream petroleum industry and ICT infrastructure to identify and track digital transactions.

The approval followed the consideration of the report of the Senate Committee on Finance as presented by its Chairman, Solomon Olamilekan Adeola.

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Adeola said the N100billion 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.

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He also put the estimated revenue target for the agency for the 2020 fiscal year at about N6trillion comprising oil revenue of N1.56trillion and Non-Oil revenue of N4.502trillion.

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.

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.