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NIPC remits N5.36bn to government coffers

The Nigerian Investment Promotion Commission (NIPC) says it remitted N5.36 billion to the Consolidated Revenue Fund from its Internally Generated Revenue between January 2016 and March 2021.

NIPC in a report released on the summary of its IGR and CRF payments since 2016 stated that the amount represented 46 per cent of the total IGR of N11.61 billion it generated during the period.

Following NIPC’s addition to the schedule of the Fiscal Responsibility Act in November 2016, the Commission had been subject to the remittance of 80 percent of its Operating Surplus to the CRF.

The report also stated that as part of its commitment to better governance, proactive compliance and transparency, NIPC made quarterly proactive disclosures of material, financial, legal, procurement, personnel and operational information.

It noted that NIPC generated N5.59 billion, its highest income in 2018, a result of the backlog from the lifting of the two-year suspension on the administration of its Pioneer Status Incentive (PSI).

According to it, PSI service charge accounted for 96 per cent of NIPC’s IGR during the period covered by the report; with its average annual IGR over the period put at N1.93 billion.

The report cited NIPC’s ranking and the improvement, from its 2016 ranking of 90th out of 131 MDAs, as validating the efforts of management and staff at improving internal transparency and compliance with the FOIA.

Victoria Chimezie

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