By Ikechukwu Okaforadi and Christiana Ekpa
Senate yesterday approved the total budget of N152.8 billion as the 2017 expenditure of the Federal Inland Revenue (FIRS), even as the agency gulps a total of N31 billion for capital budget, representing 20.33 percent of the total budget.
The Senate which approved the report of the Committee on Finance, approved N75.8 billion as personnel cost which is 49.58 percent, N46 billion for overhead cost also of 30.09 percent.
The personnel cost however increased from N51.8 billion in 2016, to N75.8 billion in 2017 due “to the planned recruitment of 700 additional staff in 2017 and upward review of salary review by 30% budget to approval by Salary, Wages and Income Commission,”
The FIRS has a projection of N4.9 trillion of revenue in its 2017 budget.
The sum of N270.5billion budget was also approved for the Nigeria Ports Authority (NPA) for the 2017 budget with a projected revenue of N288.7billion in the same year.
Also N161.9 billion was approved for the Nigerian Maritime Administration and Safety Agency (NIMASA) with a projected revenue of N161.9 billion for 2017.
The Senate President Bukola Saraki who presided said it is necessary for revenue generating agencies to live up to their mandates this would reduce the need for borrowing by the Federal Government, adding that the Senate would do its part to ensure the agencies live up to expectations.