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NIPC remits N5.3bn into consolidated revenue fund in five years

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Investment commitments to Nigeria slumped by $10.9bn in H1 2020 –NIPC

The Nigerian Investment Promotion Council (NIPC) has revealed that it remitted N5.36 billion to the Consolidated Revenue Fund (CRF) in the last five years from its internally generated revenue.

This is according to its financial summary covering the 2016 and Q1 2021 fiscal year posted on its website on Wednesday.

According to the report, the amount remitted during the period accounted for 46 percent of total Internally Generated Revenue (IGR) of N11.61 billion.

Breakdown of the commission’s financial summary shows that in the past five years, the commission has generated more in 2018 (N5.6 billion)

The amount recorded in 2018 the commission said is 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 accounted for 96% of NIPC’s IGR in the period covered by the report; NIPC’s average annual IGR over the period was N1.93 billion,” NIPC said.

READ ALSO: Lagos, 7th fastest growing city globally —NIPC

In 2019, the commission said it generated N1.6 billion; 2016 was N425 million; and 2017, N409 million.

In the first quarter of this year alone the commission noted it generated N1.1 billion in revenue from various activities.

Other part of the report also revealed the commission was 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 validate the hard work done by Management and staff at improving internal transparency and compliance with the FOIA,” it said.

“In the 2020 Freedom of Information Act (FOIA) Compliance and Transparency Award, NIPC was ranked 2nd out of the 213 MDAs evaluated, maintaining the impressive ranking, first attained in 2019, for the second successive year,” the report stated.

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