Senate Approves 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.

The budget was approved in plenary on Wednesday.

It was sequel consideration of a report by the Senate Committee on Finance, presented by the chairman, Adeola Olamilekan Adeola (APC, Lagos West).

Of the total amount approved for the FIRS, N119.7 billion was earmarked for Personnel Cost, N60.2 billion for Overhead Cost and about N36 billion for Capital Cost.

Mr Olamilekan informed the Senate that the 2022 projected Cost of Collection (COC) of N215.81 billion was slightly lower than the 2021 approved revenue which stood at N216.6 billion.

The difference, he said, represents a CoC decrease of N840 million on the overall projected non-oil revenue.

He also explained that personnel cost was based on staff strength on the payroll including social benefits such as NHIS, pension contribution and anticipated performance bonus for the year.

He attributed the increase in overhead projection to the need for ”more robust operational activities which has a direct relationship with overhead budget lines such as electricity tariff, generator fuel cost, legal services due to tax disputes, local travels and transport and critical ones that relate directly to tax collection and administration”.

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