The Nigerian Investment Promotion Commission (NIPC) has announced that it generated total Internally Generated Revenue (IGR) of N11.61 billion between January 2016 and March 2021.
The agency, in a statement on Thursday, said that it remitted N5.36 billion of this amount to the Consolidated Revenue Fund (CRF), representing 46 per cent of the total IGR, during the same period.
According to the NIPC, it has been remitting 80 per cent of its operating surplus as mandated by the Fiscal Responsibility Act since 2016.
It said, “Following NIPC’s addition to the schedule to the Fiscal Responsibility Act in November 2016, the Commission has been subject to the remittance of 80 percent of its Operating Surplus to the CRF.
“As part of its commitment to better governance, proactive compliance and transparency, NIPC makes quarterly proactive disclosure of material financial, legal, procurement, personnel and operational information.”
The NIPC said that it earned its highest income in 2018 (N5.59 billion), due to the backlog from the lifting of the two-year suspension on the administration of the Pioneer Status Incentive (PSI).
It stated that PSI service charge accounted for 96 per cent of NIPC’s IGR in the period covered by the report, adding that the commission’s average annual IGR over the period was N1.93 billion.
The statement further noted that in the 2020 Freedom of Information Act (FOIA) Compliance and Transparency Award, the NIPC was ranked 2nd out of the 213 MDAs evaluated, “maintaining the impressive ranking, first attained in 2019, for the second successive year.”