FG To Restructure FIRS, Mulls New Name

The Minister of Finance, Budget and Economic Planning, Zainab Ahmed, has disclosed plans to restructure the Federal Inland Revenue Service (FIRS).

The minister while appearing before the Senate Committee on Finance said the restructuring would see the name of the service changed to the Nigeria Revenue Service.

The change, which is part of the 2022 Finance Act that was passed by the National Assembly on Wednesday, would also reorganise the board of the FIRS by separating the executive management from the board of directors.

She said, “The chairman of the agency will now be referred to as commissioner general.”

This Finance Bill is the fourth one in the series that seeks to complement the budget cycle of January-December that was re-established with the 2020 Appropriation Act by the 9th National Assembly.

It also proposed the 35 per cent on electronic money transfer levy receipt to be paid to local governments as against an initial 15 per cent to the federal government and 85 per cent to the state.