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Published On: Wed, Jul 15th, 2020

Senate approves N168.8bn 2020 budget for FIRS

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*Confirms appointment of Hassan RMAFC Commissioner

By Ikechukwu Okaforadi

The Senate on Wednesday approved the sum of N168,809,476,220 to fund the proposed Personnel, Overhead and Capital expenditure cost of the Federal Inland Revenue Service (FIRS) for the 2020 fiscal year.

The approval came following the consideration of a report by the Senate Committee on Finance.

Chairman of the Committee, Senator Solomon Olamilekan Adeola (APC – Lagos West) while giving a summary of the 2020 budget for the FIRS said N1.56 trillion was projected for Oil revenue; N4.502 from Non-Oil revenue; N180.086 billion projected for four percent cost of Collection; N11.279 billion as projected two percent Cost of Collection ceded to the Nigeria Customs Service; N168.80 Net projected four percent Cost of Collection available rose FIRS to be appropriated by NASS; and Value Added Tax (VAT) at 7.5 percent.

Details later…

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