Budget: FIRS To Spend N1.5b On Generator Fuel, N650m On Motor Fuel

*As Senate Approves N152 billion for FIRS **Lawmakers step down NNPC, CBN, Custom budgets

At least N1.5 billion will be spent on generator fuel cost by the Federal Inland Revenue Service (FIRS) in the 2017 budget approved on Tuesday for the revenue collection agency. 

Also,  the agency is going to spend N650 million on motor fuel,  N750 million on Refreshment and meals,  N250 million on postages and courier services.

In addition,  the agency is going to spend N120 million on sporting activities, welfare packages N1.3 billion,  Corporate outfit grant N2.5 billion,  reward for outstanding service N700 million and etc.  All these items are under the overhead expenditure

The lawmakers Senate has approved N152 billion budget for Federal Revenue Inland Revenue (FIRS) for the 2017 budget. 

This is even as Senate stepped down Central Bank of Nigeria (CBN), Nigeria Customs Services and Nigerian National Petroleum Corporation (NNPC) for proper legislative scrutiny. 

In the report  FIRS projected N4.9 trillion revenue from Oil and non-oil revenue for year 2017.

According to the report of Senate Committee on Finance, the 2017 budget focused on the capacity to increase VAT and Non-oil Revenue.  Principally,  VAT is expected to grow from N828 billion to N1.8 trillion is over 125 percent  increase. 

The report reads, “As at August 2017, FIRS has recorded an increase of N224 billion over its performance.  So far it has collected N1.782 trillion representing an increase of 14 percent in 2017 when compared with collection performance for the corresponding period in 2016. The Service has therefore achieved 72.93 percent of the half year target of N2.44 trillion. 

The committee in the report observed that an increase of about N20 billion  in the personel expenditure Proposal of FIRS. 

The Committee also observed an increase of about N5 billion overhead in 2017 compared to last year’s budget. 

The committee observed that the capital Expenditure of the service includes ongoing projects and new projects which are to be executed during the 2017 financial year. 

The Senate committee  however recommended N152 billions for FIRS in 2017 budget.

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