The Nigerian Investment Promotion Commission (NIPC) has disclosed that the organization remitted over N5.8 billion into the Consolidated Revenue Fund (CRF) from 2016 to 2021.
According to NIPC, the 2020 audited account and report published at the weekend, was approved by its Governing Council on the 4th of August, 2021.
In 2020, NIPC’s Internally Generated Revenue (IGR) income was N3.06 billion, 108% higher than the year’s budget of N1.47 billion and 92% higher than the 2019 IGR of N1.59 billion.
NIPC has also published a report of its remittances to the Consolidated Revenue Fund (CRF) since January 2016. In the five and half year period, NIPC has remitted a total of N5.82 billion from the IGR of N11.91 billion generated between January 2016 and June 2021.
The remittances to the CRF represent 49% of the total IGR generated during the period.
NIPC generated its highest IGR in 2018 (N5.59 billion), a result of the backlog from the lifting of the 2-year suspension on the administration of the Pioneer Status Incentive (PSI).
The Commission said PSI service charge accounted for 96% of NIPC’s IGR in the period covered by the report, while NIPC’s average annual IGR was N1.99 billion.
“From January to June 2021, NIPC generated N1.41 billion as IGR, 7% more than the budgeted IGR for the entire year (N1.32 billion). N602 million has been remitted to the CRF in 2021, representing 43% of the generated IGR during the first half of the year.
“Since its addition to the schedule to the Fiscal Responsibility Act in November 2016, NIPC has been subject to the remittance of 80% of its Operating Surplus to the CRF.
“As part of its commitment to better governance, proactive compliance and transparency and accountability to stakeholders, NIPC makes quarterly remittance of its dues to the CRF and makes proactive disclosure of material financial, legal, procurement, personnel and operational information” the report stated.
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