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Senate Approves N168.8bn 2020 Budget For FIRS

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The Senate on Wednesday at plenary, approved the sum of N168,809,476,220 to fund the proposed 2020 budget of the Federal Inland Revenue Services (FIRS).

The approval covers Personnel, Overhead and Capital expenditure cost of the FIRS for the 2020 fiscal year.

The News Agency of Nigeria (NAN) reports that the approval was sequel to the consideration of a report by the Senate Committee on Finance.

The Chairman of the Committee, Sen. Solomon Olamilekan Adeola, (APC – Lagos West) while giving a summary of the budget, said N1.56 trillion was projected as collection for oil revenue; N4.502 trillion from non-oil revenue for the service.

Adopting the recommendations of the report, the senate called for the digitization of all processes in the administration of tax in FIRS, to bring the Service up-to-speed with rapidly increasing online economic activities.

The upper chamber also approved a one-off special purpose intervention fund to the tune of N100 billion to assist the FIRS complete its head office within 12 months and six, Training Schools.

The fund is also designed to help build 30 Prototype Tax Operations Office, Purpose-built facilities for efficient taxation of Upstream Petroleum Industry and ICT Infrastructure to identify and track digital transactions.

It also approved that the budget for the financial year must terminate on December 31, 2020 to ensure adherence to the January to December financial year.

Meanwhile, the Senate also confirmed the appointment of Dr. Tella Adeniran Rahmon representing Osun State as Resident Electoral Commissioner (REC).

Also, the appointment of Mr Usman Mahmud Hassan as Commissioner of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) was confirmed.

The confirmation of both nominees followed the consideration of the reports of the Senate Committees on Independent National Electoral Commission (INEC); and National Planning and Economic Affairs.

The Committees were chaired by Senators Kabiru Gaya (APC – Kano South); and Olubunmi Adetumbi (APC – Ekiti North). (NAN)

 

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