The House of Representatives has approved the provision of N100 billion Special Fund for the Federal Inland Revenue Service to cater for its immediate needs in 2020.
This was contained in the report presented to the House on Tuesday which approved the sum of N168.809 billion for the FIRS in the reviewed 2020 Budget.
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The report presented to the House by Honourable Abiodun Faleke reads, “That the House do consider the Report of the Committee on Finance on the 2020 budget of the Federal Inland Revenue Service (FIRS) and approve the recommendations therein” (Pursuant to Order Eighteen, Rule 41(2)(h) of the Standing Orders of the House of Representatives) (Committee of Supply)”.
It stated that total expenditure of N168,809 billion be approved to defray the proposed Personnel, Overhead and Capital expenditure cost of the Service during the fiscal year 2020.
It also seeks that FIRS (Establishment) Act and other tax laws be amended to make it possible for FIRS to modernize its operations with relevant technology.
The report also accepts the need for the Service to have an Intervention Fund and recommends approval of One-Off Special Purpose Fund to the tune of N100 billion.
“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.”
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