JUST IN: Senate Passes N446bn FIRS Budget 

Senate Passes N446bn FIRS Budget 

Passes N446bn FIRS Budget 

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The Senate has passed the sum of N446, 342,656,992.00 as the total of the Federal Inland Revenue Service (FIRS).

The passage by the Senate followed its and approval of the recommendation of its Committee on Finance that considered the budget.

The Chairman of the Committee, Sani Musa ( – Niger East) presented the report.

Of the sum, according to the report, N177,441,479,682.00 is for Personnel Cost, N156,454,385,053.00 is for Overhead cost and N112,446,822,255.00 is for capital expenditure.

The committee observed that: “The Service Year 2024 budget estimates are based on Zero Based Budgeting.

“That the 2024 projected Cost of Collection of N446.34bn is 39% higher than the approved budgeted cost of collection which stood at N320.90 billion.

“The personnel cost is based on strength on the payroll including social benefits (such as NHIA, contribution etc.) and anticipated performance bonus for the year.

“The increase in overhead projection can be attributed to the need for more robust operational activities which are critical in the achievement of Service core objectives e.g. Tax automation projects and other critical ones that relate directly to tax collection and administration.

“The capital cost estimates include on-going and new projects which are to be executed during the 2024 financial year. These are as a of expected completion of projects, payment of retention on completed projects and some new projects for effective revenue drive.”

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