Business & Economy - News - June 5, 2021

NIPC remitted  N5.36 bn to Nigerian govt. since 2016, says report

The Nigerian Investment Promotion Commission (NIPC) remitted a total of N5.36 billion to the Consolidated Revenue Fund (CRF) from its Internally Generated Revenue (IGR) between January 2016 and March 2021, the Commission said in its latest IGR and CRF report.
The Commission said the amount
represents about 46 percenr of the total N11.61 billion recorded as internally generated revenue during the period.
In line with provisions of the Fiscal Responsibility Act requiring government-owned agencies to mandatorily remit 80 percent of their operating surplus to the CRF, while retaining 20 percent, the Commission said it has been subjected to the remittances since November 2016.
As part of its commitment to better governance, proactive compliance and transparency, the NIPC said it has been making quarterly proactive
disclosures of material, financial, legal, procurement, personnel and operational information to the public.
The Commission said it generated its highest income in 2018 (about N5.59 billion), as a result of the backlog
from the lifting of the two-year suspension on the administration of the Pioneer Status Incentive (PSI). PSI service charge, the  Commission said, accounted for over 96 percent of its total IGR for the period covered by the report.
NIPC’s average annual IGR over the period stood at about N1.93 billion.
In the 2020 Freedom of Information Act (FOIA) Compliance and Transparency Award, NIPC said it was ranked second out of the 213 ministries, departments and agencies (MDAs) evaluated during year.
Describing the performance as
impressive, the NIPC said the ranking, was first attained in 2019, for the second successive year.
The Commission described itself as “the most consistent among the leading MDAs ranked in 2019
and 2020.”
“NIPC’s ranking and the improvement from its 2016 ranking of 90th out of 131 MDAs for the second successive year validate the hard work done by the management and staff aimed at improving
internal transparency and compliance with the freedom of information Act (FOIA) requirements. The Commission said it was ranked the most consistent among the leading MDAs ranked in 2019
and 2020.

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