05 Sep NIPC increases IGR by 92% to N3bn IGR in 2020
The Nigerian Investment Promotion Council (NIPC) made an internally generated revenue (IGR) of N3.06 billion in 2020, representing an increase of 92 percent compared to the 2019 IGR of N1.59 billion.
According to a report, it also represents a 108 percent jump against the 2020 budget of N1.47 billion.
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.
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.
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