On Wednesday, The Senate approved Two Hundred and sixteen billion Naira as expenditure for the Federal Inland Revenue Service (FIRS) for the year 2021.
FIRS also got an approval to review upward, its revenue target from N5.076 trillion proposed for the year 2020 to N7.61 trillion in 2021.
According to Senator Olamilekan Adeola (APC, Lagos West), the Chairman of the Committee, the FIRS proposed a total revenue collection of N7.61 trillion for 2021 as against N5.076 trillion budgeted in 2020, a figure which represents about 49.90 percent increase above the corresponding year’s budget.
Out of the proposed total collection of N7.61 trillion, N5.645 trillion is expected from non-oil components, while N1.964 trillion is expected from oil components.
Olamilekan also stated that out of the proposed expenditure of N216.65 billion for the 2021, the sum of N107.52 billion is for Personnel Cost; N47.22 billion for Overhead Cost; and N61.9 billion for Capital Cost, as against N97.36 billion, N43.64 billion and N27.80 billion budgeted for the three expenditure heads in 2020, respectively.
He said;
”The Service seeks to continuously improve its technology for automated tax collection across all sectors of the economy through e-filing, e-registration, e-payment etc to facilitate ease of doing business with tax payers.”
