Home Money NIPC remittances into Consolidated Revenue Fund top N5.36 billion

NIPC remittances into Consolidated Revenue Fund top N5.36 billion

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By Audrey Lotechukwu

THUR 03 JUNE, 2021-theGBJournal- The Nigerian Investment Promotion Commission (NIPC) has 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 amount represents 46% of the total IGR of N11.61 billion generated during the period, according to the Commission.

The Commission said it generate its highest income in 2018, a total of 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). PSI service charge accounted for 96% of NIPC’s IGR in the period covered by the report, and NIPC’s average annual IGR over the period was N1.93 billion.

The Commission was subjected to the remittance of 80% of its operating surplus to the CRF since it was added on to the schedule the Fiscal Responsibility Act in November 2016. The Commission also makes quarterly proactive disclosure of material financial, legal, procurement, personnel and operational information.

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