Senate Passes N446bn Federal Inland Revenue Service Budget for 2024

Sunday Aborisade in Abuja

The Senate yesterday passed the sum of N446,342,656,992.00 as the 2024 budget of the Federal Inland Revenue Service (FIRS), following its adoption and approval of the recommendation of its  Committee on Finance that considered the budget.

The Chairman of the Committee, Senator Sani Musa (APC – Niger East) presented the report.

Out of the total sum, N177,441,479,682.00 is for Personnel Cost, N156,454,385,053.00 is for overhead cost and N112,446,822,255.00 is for capital expenditure.

Part of the report read: “The Service Year 2024 budget estimates is based on zero based budgeting. That the 2024 projected cost of collection of N446.34 billion is 39 per cent higher than the 2023 approved budgeted cost of collection which stood at N320.90bn.

“The personnel cost is based on staff strength on the payroll, including social benefits (such as NHIA, Pension contribution etc.) and anticipated performance bonus for the year.

“The increase in overhead projection can be attributed to the need for more robust operational activities which 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 which are to be executed during the 2024 financial year. These are as a result of expected completion of projects, payment of retention on completed projects and some new projects for effective revenue drive.”