Posted by Samuel on Wed 20th Mar, 2024 - tori.ng
The action of the Senate followed its adoption and approval of the recommendation of its Committee on Finance that considered the budget.
Yesterday, the Nigerian Senate passed N446,342,656,992 as the 2024 budget of the Federal Inland Revenue Service (FIRS).
The action of the Senate followed its adoption and approval of the recommendation of its Committee on Finance that considered the budget.
The Chairman of the Committee, Senator Sani Musa (APC – Niger East) presented the report.
Of the sum, according to the report, N177,441,479,682 is for Personnel Cost, N156,454,385,053 is for Overhead cost and N112,446,822,255.00 is for capital expenditure.
The committee observed that: “The Service Year 2024 budget estimates are based on Zero Based Budgeting.
“That the 2024 projected Cost of Collection of N446.34 billion is 39 per cent higher than the 2023 approved budgeted cost of collection which stood at N320.90billion.
“The personnel cost is based on staff strength on the payroll including social benefits (such as NHIA, Pension contribution etc.) and anticipated performance bonus for the year.
“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.