NIPC Generates N1.41 billion as Internally Generated Revenue In 6Months

The Nigeria Investment Promotion Commission, NIPC, generated N1.41 billion as Internally Generated Revenue an this is 7% more than the budgeted IGR for the entire year of N1.32 billion From January to June 2021,

The information is contained in the NIPC 2020 Audited Financial Statements and NIPC Financial Summary for Jan. 2016 – Jun. 2021

Out of the 1.4billion, N602 million has been remitted to the CRF in 2021, representing 43% of the generated IGR during the first half of the year.

NIPC published its 2020 Audited Accounts following the approval by its Governing Council on 04 August 2021. In 2020, NIPC’s Internally Generated Revenue (IGR) income was N3.06 billion, 108% higher than the year’s budget of N1.47 billion and 92% higher than the 2019 IGR of N1.59 billion.

NIPC remittances to the Consolidated Revenue Fund (CRF) since January 2016 is put at a total of N5.82 billion from the IGR of N11.91 billion generated between January 2016 and June 2021. The remittances to the CRF represent 49% of the total IGR generated during the period.

Since its addition to the schedule to the Fiscal Responsibility Act in November 2016, NIPC has been subject to the remittance of 80% of its Operating Surplus to the CRF. NIPC makes quarterly remittance of its dues to the CRF and makes proactive disclosure of material financial, legal, procurement, personnel and operational information.

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