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Senate Approves N168.8bn FIRS 2020 budget

Naija News understands that the approval was given after the presentation of the report by the Senate Committee on Finance in the FIRS’ 2020 budget proposal.

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The Lawmakers at the upper chamber has approved over one hundred billion naira as the 2020 budget of the Federal Inland Revenue Service (FIRS).

Naija News understands that the approval was given after the presentation of the report by the Senate Committee on Finance in the FIRS’ 2020 budget proposal.

The Chairman of the Committee, Senator Solomon Adeola (Lagos West), while speaking during the presentation said that the N100billion is to assist the FIRS fund pressing needs such as: completion of the FIRS Head Office building complex; Six training schools; 30 Prototype Tax Operations Office; Purpose-built facilities for efficient taxation of Upstream Petroleum Industry and ICT Infrastructure to identify and track digital transactions.

He also put the estimated revenue target for the agency for the 2020 fiscal year at about N6trillion comprising oil revenue of N1.56trillion and Non-Oil revenue of N4.502trillion.

He noted the 2020 FIRS budget is based on Zero Budgeting approach while the revenue estimates are based on the approved 2020-2022 Medium Term Expenditure Framework and Fiscal

 

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