Senate Approves FIRS N466 Billion Budget
- Posted on March 20, 2024
- Featured
- By PETER AGADA
The Nigerian Senate has approved N466,342,656,922.00 as the 2024 Federal Inland Revenue Service (FIRS) budget.
The passage of the budget by the Senate followed its adoption and approval of the recommendation of its Committee on Finance, which considered the budget.
The Chairman of the Committee, Senator Sani Musa (APC-Niger East), presented the report.
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According to the report, N177,441,479,682.00 is for Personnel Costs, N156,454,385,053.00 is for Overhead costs, and N112,446,822,255.00 is for capital expenditures.
The committee stated that,
“The Service Year 2024 budget estimates are based on Zero Based Budgeting.
“The 2024 projected cost of collection of N446.34 billion is 39% higher than the 2023 approved budgeted cost of collection, which stood at N320.90 billion.
“The personnel cost is based on staff strength on the payroll, including social benefits (such as NHIA, Pension contribution, etc.) and anticipated yearly performance bonus.
“The increase in overhead projection can be attributed to the need for more robust operational activities that are critical in driving 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 ongoing and new projects to be executed during the 2024 financial year. These result from expected completion of projects, payment of retention on completed projects, and some new projects for effective revenue drive.”
Back Story
In February, the Nigerian Senate, through its Committee on Finance, announced that it was disappointed at the N17 trillion loss suffered by the country on tax waivers for the past five (5) years.
The Senate has asked the Federal Inland Revenue Service to suspend the tax waivers that have been abused for a long time and substitute them with a rebating system.
The Nigerian Senate’s objection to the allegedly abused tax waivers followed the 2024 budget presentation of FIRS to its Finance Committee.
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