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Published 28 April 2021
The Senate on Wednesday, approved N216,646,579,231bn as expenditure for the Federal Inland Revenue Service for the 2021 fiscal year.
This was just as the upper chamber gave its approval for the service to review upward, its revenue target from N5.076 tn proposed for the year 2020 to N7.61 tn in 2021.
The approval came, following the consideration of a report by the Senate Committee on Finance.
Chairman of the Committee, Senator Solomon Adeola in his presentation, said the FIRS proposed a total revenue collection of N7.61trn for 2021 as against N5.076 trn budgeted in 2020, a figure which represents about 49.90 per cent increase above the corresponding year’s budget.