Senate okays N215.8bn as 2022 budget for FIRS

The Senate on Wednesday approved the sum of N215,811,290,243 billion as the budget for the Federal Internal Revenue Service (FIRS) for the fiscal year 2022.

A Wednesday statement from Ezrel Tabiowo, Special Assistant (Press) to Senate President Ahmad Lawan, said the approval followed the Finance Committee’s consideration of a report during plenary.

The Chairman of the Committee, Solomon Olamilekan Adeola (Lagos West), in his presentation, said that of the amount approved, N119,684,218,735 was for Personnel Costs; N60,160,518,057 for general expenses; and N35,966,553,451 for Cost of Capital.

It stated that the projected 2022 collection cost of N215.81 billion was slightly lower than the approved revenue for 2021, which amounted to N216.65 billion.

He explained that the difference represents a decrease in the cost of collection, CoC, of ​​N840 million in projected non-oil revenues overall.

Mr Adeola revealed that the cost of staff was based on the strength of staff on the payroll, including social benefits such as NHIS, pension contribution, among others, and anticipated performance bonus for the year.

He attributed the increase in the general expenses projection to the need for stronger operating activities, which has a direct relationship with the general budget lines, such as the electricity tariff, the cost of generator fuel, legal services due to tax disputes, travel and local transportation and critics who are directly related. to the collection and administration of taxes.

The legislator added that the reported capital cost estimates include new and ongoing projects that will be executed during the fiscal year 2022.

“These are the result of the expected completion of projects, the retention payment on completed projects and some new projects for an effective revenue boost,” he said.

Reviewing the performance of the FIRS 2021 budget, Mr Adeola said: “The Service raised N4.53 billion as at 31 October 2021 of the total projected revenue target of N7.61 billion, which represents an achievement. of 60 per cent.

“The target-based return for the period of N6.34 trillion represents an achievement of 71 per cent.

“The non-oil component of the tax collected stands at N3.5 trillion and represents a 63% achievement of the total non-oil revenue target of N5.6 trillion.”