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

Customs exceeds 2024 target, rakes in N71.6bn

The Nigeria Customs Service, NCS, Murtala Muhammed International Airport Command, says it surpassed its revenue target for 2024, raking in a total of N71.6 billion.

The Customs Area Controller, CAC, Effiong Harrison, disclosed this in a statement on Friday, saying that its target for 2024 was N56.861 billion.

Harrison expressed delight over the record-breaking revenue achieved by the command.

The Customs Area Controller described the 2024 revenue as unprecedented, noting that it was the highest-ever generated in the history of the command.

“A detailed breakdown of the revenue underscores the remarkable achievement of the command in revenue generation.

“During a meeting with his management team, the area controller revealed that the command had exceeded its annual revenue target of N56,861,094,269.07 by generating N71,633,687,108.84.

“This represents a 20 per cent increase, amounting to N14,772,592,839.27,” he said.

According to him, July 2024, in particular, was a standout month, with the command recording its highest-ever monthly revenue of N12 billion.

Harrison, while comparing the command’s performance in 2023 and 2024, noted a significant revenue increase of N41.1 billion in 2024 when compared to the N30.5 billion generated in 2023, reflecting a 135 per cent growth.

He expressed profound gratitude to the Comptroller-General of Customs, Bashir Adeniyi, and his management team for their unwavering support to the command.

Harrison extended appreciation to critical stakeholders and other government agencies, acknowledging them as invaluable partners in the command’s success in 2024.

He expressed optimism that the command would achieve even greater milestones in fulfilling its core mandates in 2025.

Business

FCT-IRS announces deadline for tax returns

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has urged private companies, government’s Ministries, Departments and Agencies (MDAs) and other employers of labour in the territory to file their employee annual tax returns for 2024.

The acting Executive Chairman, Mr Michael Ango, who made the call in a statement in Abuja on Sunday, said that the employers have up to Jan. 31 to comply.

In the statement, signed by the service’s Head of Corporate Communications, Mr Mustapha Sumaila, the FCT-IRS boss said that the returns should be filed using the prescribed forms provided by the service.

This, he said, was in compliance with Section 81 of the Personal Income Tax Act (PITA) 2011 (as amended) and the Pay As You Earn (PAYE) Regulations.

He explained that the PITA Act mandates all employers of labour in the FCT to file annual returns of all emoluments paid to their employees and the total taxes of the preceding year, not later than Jan. 31 of every year.

Ango had during the 2025 stakeholder’s engagement, emphasised that filing of employee annual returns by all employees was mandatory as provided by law.

He added that failure to file the returns would attract penalties and other sanctions, which the FCT-IRS would not hesitate to impose on any defaulters.

According to him, the best form of compliance is voluntary, which the FCT-IRS expects from all taxpayers in the FCT.

“I, therefore, enjoined all private organisations, MDAs, government owned enterprises, including sole proprietorships who are employers of labour in the FCT to comply with their tax obligations to avoid sanctions.

“More importantly, the support will contribute to the development of the FCT and the efforts of the Minister of FCT, Mr Nyesom Wike, to transform the territory into a modern city,” he said.