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SENATE PASSES FIRS BUDGET

The Senate  has passed the 2021 Federal Inland Revenue Service budget of 216.6 Billion Naira.

This followed the consideration of the report of the Senate  Committee on Finance which scrutinised the financial proposal explained that the fund is to finance the proposed personnel, Overhead and Capital expenditure cost of the Service during the 2021 fiscal year.

Four Percent of Non oil revenue as cost of collection while 7.6 Trillion is the proposed total revenue for the service.

Senate also passed the Asset management Corporation of Nigeria Act amendment Bill which seeks among other issues to extend the tenor of the resolution cost fund and grant it access to the special tribunal established by the Bank and other financial institutions Act 2020.

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