NIPC: N5.3bn paid into consolidated revenue fund in five years

The Nigerian Investment Promotion Council (NIPC) says it remitted N5.36 billion to the consolidated revenue fund (CRF) in five years.

The figure represented 46 percent of the total internally generated revenue (IGR) at N11.61 billion for the period under review.

Section 22 of the Fiscal Act mandates government-owned companies and corporations to establish a general reserve fund and allocate one-fifth (20 percent) of its operating surplus for every year. It further directs the balance to be paid to the CRF of the federal government.

In its recently released financial summary covering the 2016 and Q1 2021 fiscal year, the commission said its operating surplus amounted to N184.56 million in Q1 2021.

A breakdown of the IGR showed that it generated N296.9 million in 2016, N29.1 million in 2017, and N5.59 billion at the end of the 2018 financial year. Others include N1.52 billion in 2019, N3.1 billion in 2020, and N1.11 by the first quarter of 2021.

In the last five years, N5.25 billion was recorded as an operating surplus with no value for 2016 and 2017 due to low revenue.

The overall revenue surpassed its projected IGR by more than 100 per cent for the year 2020.

Of the overall revenue, it paid N1 billion in 2016 to offset part of the commission’s outstanding obligations for 2010 to 2014. According to the financial report, the sum was debited directly from the NIPC’s treasury single account by the office of the Accountant General of the Federation.

In 2017 and 2018, it remitted N7.29 million and N1.91 billion, respectively. It further paid N375.16 million in 2019 and N1.92 billion by the end of the 2020 financial year.

In the first quarter of 2021, it generated N1.1 billion in revenue from various activities.

Further analysis of the commission’s operating surplus showed that it recorded N147.65 million, representing 80 percent of the total amount remitted to the consolidated revenue account. The remaining 20 percent at N36.9 million was allotted to the commission as reserves in line with the Fiscal Responsibility Act.