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2020 Budget: Nigerian Senate approves N168.8 billion for FIRS
2020 Budget: Nigerian Senate approves N168.8 billion for FIRS
The Nigerian Senate has approved N168 billion for Federal Inland Revenue Service (FIRS) for the year 2020, this is to fund the personnel, overhead, and capital expenditure of FIRS.
The approval was made after the Senate considered the report of its committee on finance, presented by the chairman, Solomon Olamilekan (APC, Lagos West).
In his presentation, Mr Adeola narrated the budget performance of the FIRS and gave a summary of the 2020 proposed budget.
The committee, he said, observed that “the FIRS operates below the line account used for tax refund and support for the construction of the head office.”
“The committee also frowned at the unnecessary delay in submitting the budget for 2020. However, the current executive chairman explained that they took over the leadership of FIRS in November/December and the budget for 2020 was not ready as at then. And Covid-19 was also responsible for the delay.”
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A breakdown of the approved 2020 budget is as follows:
*N1.56 trillion was projected for Oil revenue;
*N4.502 from Non-Oil revenue;
*N180.086 billion projected for four per cent cost of collection;
*N11.279 billion as projected two per cent Cost of Collection ceded to the Nigeria Customs Service;
*N168.80 Net projected four per cent Cost of Collection available rose FIRS to be appropriated by NASS; and
*Value Added Tax (VAT) at 7.5 per cent.
The Senate, thereafter, called for the digitisation of all processes in the administration of tax in FIRS, so as to bring the service up-to-speed with rapidly increasing online economic activities.
Other approvals
It also approved a one-off special-purpose intervention fund of N100 billion to assist the FIRS to complete its head office within 12 months; six training schools; 30 prototype tax operations office; purpose-built facilities for efficient taxation of upstream petroleum industry and ICT infrastructure to identify and track digital transactions.
The lawmakers said the budget for the fiscal year must terminate on December 31, 2020.
It said, henceforth, the budget of the FIRS for any financial year must be approved by the National Assembly “by the end of October of a preceding year – to ensure strict compliance with the January to December financial year.”
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Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
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Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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