NIPC remits N5.36b IGR to consolidated revenue fund from 2016-2021 – Report

The Nigerian Investment Promotion Commission (NIPC) has said that it remitted N5.36 billion to the Consolidated Revenue Fund (CRF) from its Internally Generated Revenue (IGR) between January 2016 and March 2021.

NIPC disclosed this in a report released on Thursday on the summary of its IGR and CRF payments since 2016.

The report stated that the amount represented 46 per cent of the total IGR of N11.61 billion it generated during the period.

Following NIPC’s addition to the schedule of the Fiscal Responsibility Act in November 2016, the Commission had been subject to the remittance of 80 per cent of its Operating Surplus to the CRF.

The report also stated that as part of its commitment to better governance, proactive compliance and transparency, NIPC made quarterly proactive disclosures of material, financial, legal, procurement, personnel and operational information.

It noted that NIPC generated N5.59 billion, its highest income in 2018, a result of the backlog from the lifting of the two-year suspension on the administration of its Pioneer Status Incentive (PSI).

According to it, PSI service charge accounted for 96 per cent of NIPC’s IGR during the period covered by the report; with its average annual IGR over the period put at N1.93 billion.

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

“The commission was the most consistent among the leading MDAs ranked in 2019 and 2020,” it said.

The report cited NIPC’s ranking and the improvement, from its 2016 ranking of 90th out of 131 MDAs, as validating the efforts of management and staff at improving internal transparency and compliance with the FOIA.