Senate Approves N168.8bn FIRS 2020 budget: Over 100 billion naira has been approved by the Lawmakers at the upper chamber as the Federal Inland Revenue Service (FIRS)’s 2020 budget.
Senate Approves N168.8bn FIRS 2020 Budget
Top Gist Portal 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 set the agency’s projected revenue target for the 2020 fiscal year at around N6trillion including N1.56trillion oil revenue and N4.502trillion non-oil revenue.
He noted that the 2020 FIRS budget is focused on zero budgeting, while the revenue forecasts are focused on the approved 2020-2022 Medium Term Fiscal and Expenditure Framework.