The House of Representatives Committee on Finance on Thursday approved N446.34bn as budget for the Federal Inland Revenue Service (FIRS) for the 2024 fiscal year.
The committee chaired by Rep. James Abiodun Faleke (APC, Lagos) gave the approval following the presentation of the budget estimates by the Executive Chairman of the FIRS, Zacch Adedeji.
The budget estimate comprises N177.44bn as personnel cost; N156.45bn as overhead cost and N112.45bn as capital.
He said the 2024 projected cost of collection of N446.34bn is higher than the 2023 approved budget cost of collection which stood at N320.90bn.
Adedeji said the budget projections were based on the assumptions of crude oil production of 1.78mb/d for 2024; crude oil price projection on the average of $77.96/b and average exchange rate of N800/1USD.
On strategies to achieve the projections for collections, Adedeji said the agency will be leveraging technology such as tax promax, ICT single window project, among others to increase revenue collection performance and create an environment that is conducive for taxpayers.
He said they were working towards having the FIRS as a single agent and collector of all revenues accruing to the federal government to address leakages.
Adedeji argued that agencies such as Customs, NIMASA, NPA and others have no statutory business and core mandate in revenue collection.
Speaking during the budget defence, Rep. Faleke said the country’s revenue collection is far short compared to its expenditures, charging the FIRS to do everything possible to block all leakages and shore up the country’s revenue.
