NIPC Targets N1.4bn From Tax Incentive Fees By 2020
The Nigerian Investment Promotion Commission (NIPC) is targeting total revenue of N1.46bn from investment promotion in the 2020 fiscal period
The Executive Secretary/Chief Executive Officer, Ms Yewande Sadiku, confirmed this in a letter to the Minister of Industry, Trade and Investment, Niyi Adebayo.
The letter which was obtained by our correspondent on Friday in Abuja explained the revenue target was approved by the governing council of the NIPC on September 20 this year.
Sadiku in the letter said that Section 12 of the NIPC Act empowers it to apply fees charged for services rendered by it towards the discharge of its functions.
She said the amount (N1.46bn) would be generated from these fees during the 2020 fiscal period.
The letter read in part, “The total projected internally generated revenue of the commission for the year 2020 is N1.46bn.”
The commission had between 2012 and 2018 earned a total of N13.8bn as the IGR for the Federal Government.
A breakdown of the N13.8bn showed that the sum of N76.56m was generated in 2012 while 2013, 2014 and 2015 had the sum of N1.63bn, N4.27bn and N302m, respectively.
The huge amount of N4.27bn generated in 2014 was due to fees largely earned from granting pioneer status to oil producing companies.
Similarly, the sum of N296.93m was earned by the agency in 2016 while in 2017 and 2018, the commission generated N5.59bn and N1.61bn, respectively.
Between 2012 abd 2018, 98.9 per cent internal revenue came from the processing pioneer status.
While outlining the commission’s strategic plans, Sadiku said the NIPC would develop an electronic business facilitation platform, while the One Stop Investment Centre would be re-launched.
Others, according to her, are to undertake investments impact assessment, incentives impact assessment, develop facilitation databases, targeted investment promotion, proactive aftercare to the top 100 companies.
She added that the commission would strengthen its zonal presence, establish an investment promotion club, strengthening the Freedom of Information Act disclosure and boost investment promotion strategies.