Politics
Senate okays N168.8bn FIRS 2020 budget
The Senate on Wednesday approved the N168,809,476,220 as the 2020 budget of the Federal Inland Revenue Service (FIRS).
The approval followed the presentation of the report of the Senate Committee on Finance in the FIRS’ 2020 budget proposal.
Chairman of the Committee, Senator Solomon Adeola (Lagos West), recommended a one-off special purpose intervention fund of N100billion for the agency which was approved by the Senate.
Adeola said 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
Strategy Paper (MTEF/FSP).
He added that projected 4% Cost of collection is estimated at N180.086 billion while the 2% Cost of Collection (VAT) ceded to Nigeria Customs Service is N11.279 billion.
-
News24 hours ago
FCCPC shuts popular Abuja supermarket over price irregularities
-
News14 hours ago
Why Bobrisky is not in Kirikiri prison – NCoS official
-
News11 hours ago
Enugu govt plans befitting burial for Mr Ibu, Junior Pope
-
News24 hours ago
Kenya military helicopter crash kills defence chief, senior officers
-
News11 hours ago
Kano police arrest suspects for disrupting inauguration of new commissioners
-
News15 hours ago
NSA laments booming illegal firearms market in North
-
News9 hours ago
Kastina police foil attack, neutralize suspected bandit
-
Politics14 hours ago
FG places ex-Kogi gov. Yahaya Bello on watchlist