NIPC posts highest internally generated revenue in 5 years; remits N5.8bn since 2016

MEDIATRACNET

The Nigerian Investment Promotion Commission (NIPC) says its internally generated revenue (IGR) of about N3.06 billion was the highest it has realized since 2016.
In its 2020 Audited Accounts and Financial Statement for the period between January  2016 and June 2021 published on Friday, the NIPC said  the figure was about 108 percent higher than the year’s budget of N1.47 billion and 92 percent higher than the 2019 IGR of N1.59 billion.
The publication of the report followed the approval by its Governing Council on August 4, 2021, a statement by the Commission said.
Also, the Commission said its total remittances to the Consolidated Revenue Fund (CRF) of the Federal Government in the last five and half years stands at about N5.82 billion.
The remittances to the CRF, the Commission said, represent about 49 percent of the total IGR of N11.91 billion generated between January 2016 and June 2021.
Details of the report showed the NIPC generated N5.59 billion IGR in 2018, following the backlog of revenue realized from the lifting of the two-years suspension order on the administration of the Pioneer Status Incentive (PSI) by the federal government.
PSI is a special regime of incentive in the form of waivers and tax holidays granted by the government to investors for venturing into difficult terrains or sectors of the economy.
The Commission said revenue realised from PSI service charge accounted for 96 percent of its IGR in the period covered by the report, with NIPC’s average annual IGR put at about N1.99 billion.
Between January and June 2021, NIPC said it generated about N1.41 billion as IGR, representing about 7 percent more than the budgeted IGR  of N1.32 billion for the entire year. Out of the amount, the Commission said about N602 million was remitted to the CRF in 2021, representing 43 percent of the generated IGR during the first half of the year.
Since its addition to the Fiscal Responsibility Act schedule in November 2016, the Commission said it has always complied with the requirement on the remittance of 80 percent of its Operating Surplus to the CRF.
As part of its commitment to better governance, proactive compliance and transparency and accountability to stakeholders, the Commission says it has always made quarterly remittances of its dues to the CRF as well as proactive disclosures of material, financial, legal, procurement, personnel and operational information.

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