The Senate on Wednesday approved N216.64 billion as the Federal Inland Revenue Service (FIRS) budget for the 2021 fiscal year.
The upper legislative chamber’s approval followed the consideration and adoption of a report presented by its Committee on Finance.
The Senate also approved the FIRS request to review its revenue target from N5.076 trillion in 2020 to N7.61 trillion this year.
The Chairman of the committee, Senator Solomon Adeola, who presented the report, said the FIRS proposed N7.61trillion as total revenue collection for 2021 as against N5.076 trillion projected in 2020.
This, according to him, was 49.90 percent higher than the 2020 figure.
He said out of the proposed figure for 2021, N5.645 trillion is expected from non-oil components and N1.964 trillion from oil components.
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