NIPC generates N3bn IGR in 2020 — 92% increase from 2019

NIPC generates N3bn IGR in 2020 — 92% increase from 2019

The Nigerian Investment Promotion Council (NIPC) internally generated revenue (IGR) income hit N3.06 billion, representing an increase of 92 percent compared to the 2019 IGR of N1.59 billion.

According to the report, it also represents a 108 percent jump against the 2020 budget of N1.47 billion.

It showed that between 2016 and the first half (H1) of 2020, NIPC remitted N5.82 billion out of a total of N11.91 billion IGR to the federal government’s consolidated revenue fund (CRF).

A breakdown of the IGR income shows that the commission generated N296.93 million in 2016; N29.09 million in 2017; N5.59 billion in 2018; N1.52 billion in 2019; and N1.41 billion in H1 2021.

Also, in its 2020 financial result, NIPC posted a surplus of N2.32 billion—a surge of 1631.58 percent compared to N134.16 million recorded in 2019.

Meanwhile, its financial year (FY) 2018 has the highest surplus in five years (2016-2020) with N4.33 billion, while 2017 has the lowest with N35.76 million.

The commission’s total expenditure declined for the first time in three years to N1.51 billion, compared to NN2.23 billion in 2019; N2.04 billion in 2018.

Its gross income grew by 61.6 percent year-on-year from N2.37 billion in 2019 to N3.83 billion in 2020.

NIPC’s personnel and administrative costs in 2020 declined to N919.8 million (9 percent) and N292.38 million (61 percent) respectively, compared to the corresponding year.