Senate approves N446bn FIRS 2024 budget

Ignatius Okorocha, Abuja

The Senate on Tuesday at plenary passed the sum of N446,342,656,992.00 as the 2024 budget of the Federal Inland Revenue Service (FIRS).

The Red chamber’s action 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, N177,441,479,682.00 is for Personnel Cost, N156,454,385,053.00 is for Overhead cost and N112,446,822,255.00 is for capital expenditure.

The committee observed that: “The Service Year 2024 budget estimates is based on Zero Based Budgeting.

“That 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 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.

“The capital cost estimates include on-going and new projects which are to be executed during the 2024 financial year. These are as a result of expected completion of projects, payment of retention on completed projects and some new projects for effective revenue drive.”