NIPC remits N5.36bn to CRF in 5 years – report

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

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

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

Following the addition of the NIPC to the annexe to the Fiscal Responsibility Act in November 2016, the Commission was subject to the payment of 80% of its operating surplus to the Treasury.

The report also noted that as part of its commitment to better governance, proactive compliance and transparency, NIPC proactively discloses material, financial, legal, procurement, personnel information on a quarterly basis. and operational.

He noted that the NIPC generated N5.59 billion, its highest income in 2018, due to the backlog of lifting the two-year suspension on the administration of its pioneer incentive ( PSI).

According to her, the PSI service charge represented 96 per cent of NIPC’s IGR during the reporting period; with its average annual IGR over the period estimated at N1.93 billion.

“In 2020, the Freedom of Information Act (FOIA) Compliance and Transparency Award, the NIPC was ranked second out of 213 ministries, departments and agencies (MDA) assessed, maintaining the impressive ranking, achieved for the first time in 2019, for the second year in a row.

“The commission was the most consistent among the top-ranked MDAs in 2019 and 2020,” he said.

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