Senate okays N215.8bn FIRS budget

The senate has approved N215.8 billion as budget for the Federal Inland Revenue Service (FIRS) for the 2022 fiscal year. This was sequel to the consideration of a report by the Senate Committee on Finance during plenary, chaired by Senator Solomon Olamilekan Adeola (Lagos West). Adeola said out of the amount approved, N119,684,218,735 was for […]

The senate has approved N215.8 billion as budget for the Federal Inland Revenue Service (FIRS) for the 2022 fiscal year.

This was sequel to the consideration of a report by the Senate Committee on Finance during plenary, chaired by Senator Solomon Olamilekan Adeola (Lagos West).

Adeola said out of the amount approved, N119,684,218,735 was for personnel cost; N60,160,518,057 for overhead cost; and N35,966,553,451 for capital cost.

He stated that the 2022 projected cost of collection of N215.81bn was slightly lower than the 2021 approved revenue, which stood at N216.65bn.

He explained that the difference represented a Cost of Collection (CoC) decrease of N840m on the overall projected non-oil revenue.

The lawmaker added that capital cost estimates reported include ongoing and new projects which are to be executed during the 2022 financial year.

Giving a review of the 2021 budget performance of the FIRS, Adeola said, “The service collected N4.53tr as at 31st October, 2021, out of the total projected revenue target of N7.61tr which represents 60 per cent achievement.