The Federal Inland Revenue Service (FIRS) has proposed a revenue collection of N5.9 trillion in the 2021 fiscal year.
FIRS Chairman, Muhammad Nami, disclosed this while presenting the proposed 2021 budget of the agency and the performance of its 2020 budget before the House of Representatives Committee on Finance, Thursday.
He said the Service is proposing a total revenue collection of N5.900 trillion against budgeted N5.076tr in 2020 which represents an increase of about 16.22 per cent above the 2020 budget.
“Out of the proposed total collection of N5.9tr, Non-Oil and Oil components are expected to contribute N4.26tr and N1.64tr respectively.
“Consequently, the cost of collection (7% net of 2% NCS VAT) is projected at N289.25 billion against the budgeted N180.76bn in 2020 to fund the three operational expenditure heads for the year.
He however disclosed that a series of factors have been taken into consideration as regards the preparation and execution of the budget projections.