Reps Pass N168.8bn As FIRS’s 2020 Budget

…Agency Gets N100bn Intervention Fund, Asked To Digitalise

The House of Representatives on Tuesday passed N168.8billion as the operating budget of the Federal Inland Revenue Service for 2020.

The decision of the House came following the consideration of the report of its Committee on Finance by the Committee on Supplies.

The All Progressives Congress lawmaker representing Ikeja Federal Constituency, Mr James Faleke, is the Chairman of the finance committee.

The Speaker, Mr Femi Gbajabiamila, in the tradition of the House, chaired the committee on supplies that passed the budget.

The money is to take care of the personnel, overhead and capital proposals of the tax-collecting agency for the year.

Besides the N168.8bn, the House also approved N100bn for FIRS as special intervention fund to execute some projects.

Among other recommendations, the House called on FIRS to digitalise its operations and bring its services to be in line with modern technology demands.

The House stated, “That a total expenditure of N168,809,476,220 (One Hundred and Sixty-Eight Billion, Eight Hundred and Nine Million, Four Hundred and Seventy-Six Thousand, Two Hundred and Twenty) naira be approved to defray the proposed Personnel, Overhead and Capital expenditure cost of the Service during the fiscal year 2020.

“That the digitalisation of all processes in the administration of tax in FIRS should be undertaken so as to catch up with rapidly increasing economic activities most often carried out on-line without physical presence.

“That FIRS (Establishment) Act and other tax laws be amended to make it possible for FIRS to modernise its operations with relevant technology.

“Accepts the need for the Service to have an Intervention Fund and recommends approval of One-Off Special Purpose Fund to the tune of One Hundred Billion (N100, 000,000,000) Naira only.

“This fund will expressly assist the FIRS fund its immediate but pressing needs such as completion of the FIRS Head Office building complex within twelve months, six (6) Training Schools, 30 Prototype Tax Operations Offices, Purpose-built facilities for efficient taxation of the Upstream Petroleum Industry and ICT infrastructure to identify and track digital transactions.”