The Senate has approved N168,809,476,220 for the Federal Inland Revenue Services (FIRS) as budget for 2020.
The amount covers Personnel, Overhead and Capital expenditure cost of the FIRS for the 2020 fiscal year.
The approval at plenary on Wednesday followed a report by the Senate Committee on Finance, presented its Chairman Sen. Solomon Olamilekan Adeola.
Adeola in the report to the Senate said N1.56 trillion was projected as collection for oil revenue; N4.502 trillion from non-oil revenue for the service.
In adopting the recommendations of the report, the Senate called for the digitization of all processes in the administration of tax in FIRS, to bring the Service up-to-speed with rapidly increasing online economic activities.
The Senate also approved a one-off special purpose intervention fund to the tune of N100 billion to assist the FIRS complete its head office within 12 months and six, Training Schools.
The fund is also designed to help build 30 Prototype Tax Operations Office, Purpose-built facilities for efficient taxation of Upstream Petroleum Industry and ICT Infrastructure to identify and track digital transactions.
It also approved that the budget for the financial year must terminate on December 31, 2020 to ensure adherence to the January to December financial year.
