The Nigerian Senate has passed N446.3 billion as the 2024 Federal Inland Revenue Service, FIRS, budget.
The action of the Red Chamber followed its adoption and approval of its Committee on Finance recommendation, which considered the budget.
The Chairman of the Committee, Senator Sani Musa (APC – Niger East) presented the report.
The budget breakdown showed that N177.4 billion is for Personnel Costs, N156.5 billion is for Overhead costs, and N112,4 is for capital expenditure.
The committee observed that: “The Service Year 2024 budget estimates are based on Zero Based Budgeting.
“The 2024 projected cost of collection of N446.34bn is 39% 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 yearly performance bonus.
“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 result from expected completion of projects, payment of retention on completed projects and some new projects for effective revenue drive.”
Recall that last month, the House of Representatives Committee on Finance approved N446.3 billion for FIRS.
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