Business

NIPC Generates N11.91bn In Six Years

NIPC generates N11.91bn in six years, remits 49% to govt

The Nigerian Investment Promotion Commission (NIPC) has disclosed that it generated N11.91 billion between January 2016 and June 2021.

However, it remitted only N5.8 billion into the Consolidated Revenue Fund (CRF) during the period as N4.89 billion was spent on operational costs.

NIPC stated this in its financial summary published on its website on Monday.

According to a breakdown from the statement N296.92 million was generated in 2016, decreasing to N29.09 million in 2017.

NIPC generated its highest IGR in 2018 (N5.59 billion), a result of the backlog from the lifting of the 2-year suspension on the administration of the Pioneer Status Incentive (PSI).

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.

Already, from January to June 2021, the NIPC report shows N1.41 billion had been generated and this is seven percent more than the budgeted IGR for the entire year (N1.32 billion).

“N602 million has been remitted to the CRF in 2021, representing 43% of the generated IGR during the first half of the year,” NIPC said in the report

“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.

“As part of its commitment to better governance, proactive compliance and transparency and accountability to stakeholders, NIPC makes quarterly remittance of its dues to the CRF and makes proactive disclosure of material financial, legal, procurement, personnel and operational information” the report added.

Business

Dangote Refinery reduces petrol price to N825 per litre

Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, PMS, also known as petrol to N825 per litre from N835 per litre as competition continues in the domestic market.

Recall that last month, the 650,000 barrels per day refinery reduced the gantry price of petrol to N835 per litre from N865 per litre.

The latest adjustment is targeted at giving customers more value, as well as consolidating its leadership position in the domestic market.

Business

NIMC hikes NIN service fees, increases date of birth correction to N28,574

Federal Govt Launches NIN Diaspora Enrolment Centre In UAE

The National Identity Management Commission (NIMC) has announced a revised price list for National Identification Number (NIN) issuance and other related services.

On May 1, the NIMC announced a review of the pricing structure for all its services.

In its report on Saturday, the commission said the cost of correcting the date of birth on a NIMC slip has increased to N28,574, reflecting a 74.87 percent rise from the previous fee of N16,340.

According to the new price list, modifying other details such as name or address now costs N2,000 per transaction, up by 31.41 percent from the earlier fee of N1,522.

While initial NIN enrolment and issuance of slips remain free, NIMC said the reissuance of lost or damaged NIN slips now costs N600, an increase from N500.

Premium enrollment services offered at licensed lounges, visa centres, and pre-booked VIP services now cost N20,000, and VIP reissuance of NIN slips is priced at N3,500.

Additionally, the commission said the fee for retrieving a NIN via USSD services has risen to N50 from N20.

For Nigerians in the diaspora, NIMC said adult enrollment at regular service points in African countries now costs $50, enrollment for children is $30, and reissuance of NIN slips abroad is priced at $6.

According to NIMC, in African countries, the commission said correcting a date of birth now costs $55, and modifying other fields costs $10.

In non-African countries, the commission said name corrections are priced at $60, while other changes cost $20.

In its executive summary of the revised price list, NIMC explained that the adjustments considered the current inflation rate of 32.70 percent, saying most services were increased by at least 20 percent, with certain exceptions based on the nature of the service.

Business

NCAA sanctions Kenya Airways over passenger complaints

The Nigeria Civil Aviation Authority (NCAA) has sanctioned Kenya Airways for several consumer-related violations involving three passengers, including one Gloria Omisore.

This is contained in a statement on Friday by Michael Achimugu, Director of Public Affairs and Consumer Protection.

Achimugu stated the NCAA issued a sanction letter on Wednesday to Kenya Airways regarding the passengers’ complaints

“The infractions include failure to provide care, lack of transparency in carriage terms, poor communication with the Authority, and mishandling refunds and baggage.

“In accordance with the NCAA Regulations 2023, Kenya Airways must pay fines and compensate each affected passenger with 1,000 special drawing rights.

“The airline has seven days to comply. Failure to do so will result in more severe penalties,” Achimugu said