NIPC generates N11b in five years

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The Nigerian Investment Promotion Commission (NIPC) has said it generated a total of N11.91 billion as Internally Generated Revenue (IGR) between January 2016 and June 2021.

According to its audited accounts report published on its website, NIPC revealed it had remitted N5.82 billion into the Consolidated Revenue Fund (CRF) within the review period.

The commission also disclosed that its N3.06 billion recorded in 2020, represented a 108 per cent increase over the year’s budget of N1.47 billion and 92 per cent higher than the 2019 IGR of N1.59 billion.

Its highest IGR of N5.59 billion was recorded in 2018, a result of the backlog from the lifting of the two-year suspension on the administration of the Pioneer Status Incentive (PSI), it stated.

The PSI service charge accounted for 96 per cent of NIPC’s IGR in the period covered by the report, while average annual IGR was N1.99 billion.

The report further stated that the commission between January to June 2021, generated N1.41 billion as IGR, which was seven per cent more than the budgeted IGR of N1.32 billion for the entire year.

Also, the sum of N602 million was remitted to the CRF in 2021, representing 43 per cent of the generated IGR during the first half of the year.

It explained that since its addition to the schedule to the Fiscal Responsibility Act in November 2016, NIPC had been subjected to the remittance of 80 per cent of its Operating Surplus to the CRF.

The report noted that, “As part of its commitment to better governance, proactive compliance and transparency and accountability to stakeholders, the NIPC makes quarterly remittance of its dues to the CRF and makes proactive disclosure of material financial, legal, procurement, personnel and operational information.

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