The House of Representatives Committee on Finance has approved a budget of N446.34 billion for the Federal Inland Revenue Service (FIRS) for the 2024 fiscal year.

The committee approved the budget on Thursday after a budget defence session with the Executive Chairman of the FIRS, Zacch Adedeji.

The budget consists of N177.44 billion for personnel cost, N156.45bn for overhead cost and N112.45 billion for capital expenditure.

Adedeji, while addressing the lawmakers, said the budget projections were based on the assumptions of crude oil production of 1.78mb/d for 2024, crude oil price projection on the average of $77.96/b and average exchange rate of N800/1USD.

Adedeji, who stated that the Nigeria Customs Service (NCS), Nigeria Maritime Administration and Safety Agency (NIMASA) and the Nigeria Ports Authority (NPA) have no statutory mandate in revenue collection, said plans are on to have the FIRS as sole collector of government revenue.

According to him, “revenue is not core mandate of Customs. Customs is about border and trade facilitation. So, when you have single window, all what you say Customs collects because the real principle of single window is that everything coming to the country is in advance notified.