Month: December 2023

By Lucy Ogalue

The Nigerian Investment Promotion Commission (NIPC) said it had granted three years tax exemption to 34 companies in 2023.

Mrs Lovina Kayode, Head of Incentives Administration, NIPC, told newsmen in Abuja that the exemption was to promote the company’s investments drive towards developing the nation’s economy.

“This tax exemption known as Pioneer Status Incentives (PSI) is executed under the Investors Relations Department of the NIPC and allows a company three years of not paying Corporate Income Tax,” she said.

According to her, not all companies are granted incentives owing to the stringent procedures followed by the commission on waiver awards.

While acknowledging the high amount of revenue lost to waivers granted every year, Kayode said what mattered was the bigger picture, amount of forex brought into the country.

“The Federal Inland Revenue Service(FIRS) and our parent ministry, the Ministry of Industry, Trade and Investment, is also part of this process to ensure that right investors get this incentive.

“So far 34 applications have been approved, and one of the things we intend to do was to ensure that we were not just giving incentives to undeserving companies.

“Meanwhile, there is already a notion that Nigeria gives out too many waivers, incentives, and concessions.

“However, tax expenditure means what the government has lost by granting PSI, was just a small amount compared to the gains made by granting these incentives to qualified companies.”

She revealed the plans by the commission to publish impact assessment reports on the effectiveness of the pioneer status report on job creation and other economic activities to promote investments.

“On impact, that is one thing NIPC is planning on, next year, it is one of our biggest tasks to do an impact assessment.

“These incentives we gave out, how have they impacted the country in terms of job creation and what kind of import substitution has come about because we granted these incentives.

“And how much will the government gain after the three years of them (the companies defaulting paying these taxes?) ”

The Head, Policy and Advocacy of the commission, Mr. Salami Abayomi, expressed displeasure at the rate at which foreign companies/investors were leaving the country.

According to him, some challenges are responsible for this development, but the commission was working in collaboration with relevant agencies to address the issue.

He expressed optimism that by 2024, the efforts of the agencies in that regard would yield positive results.

Earlier, NIPC’s Executive Secretary, Aisha Rimi, reiterated the commission’s commitment to facilitate and assist investors to gain inroad into the country.

NAN

By Yunus Yusuf

The NIPCO Gas Limited says it has inaugurated Auto CNG station in Kubwa, Abuja in its commitment to drive positive change in the nation”s energy landscape.

The Managing Director of NIPCO, Mr Nagendra Verma in a statement on Sunday in Lagos, described the step as a significant stride towards providing economical, sustainable and environmentally friendly fuel for transportation.

Verma said that the feat underscored unwavering commitment to environmental stewardship.

“The station, which commenced operations over the weekend, is an affirmation of the company’s determination to ensure widespread availability of Auto CNG across Nigeria .

He said the project was significant as the nation grappled with the challenges of fuel expenses and environmental sustainability necessitating cleaner energy alternatives.

“NIPCO Gas is at the forefront of driving positive change in the country’s energy landscape.

“This newly commissioned station is a testament of the company’s mission to drive positive change in the country’s transportation sector,” the MD said.

According to him, it is the company’s belief that the path to a sustainable future starts with transformative initiatives, “and the launch of the Kubwa AutoCNG Station exemplifies our commitment in action”.

He noted that AutoCNG, known for its cost-effectiveness and significant lower carbon emissions compared to traditional fuels, was positioned as a beacon of environmentally responsible transportation.

Verma expressed the firm’s steadfast dedication to enhance CNG accessibility throughout Nigeria.

He elaborated the company’s investment in cutting-edge technologies and infrastructure, to ensure the widespread availability of CNG across the country.

Verma expressed optimism about the positive impact that increased CNG adoption would have on both the environment and the economy.

He added: “NIPCO Gas commitment extends beyond mere commercial operations.

“It aligns seamlessly with the national initiative championed by President Bola Tinubu, to make CNG readily available across Nigeria.

“This initiative, a strategic move to diversify the nation’s energy mix and reduce dependence on conventional fuels.”

According to him, the president’s visionary initiative aims to harness the potentials of Compressed Natural Gas (CNG) as a cleaner and more affordable alternative.

Verma said NIPCO Gas, in sync with the national agenda, had actively supported and implemented measures to contribute to the success of the initiative.

“With the launch of the AutoCNG Station in Kubwa, NIPCO Gas is not just embracing a sustainable energy solution.

“It is actively participating in a transformative movement that aligns with the broader goals of the nation,” the MD said.

He said that NIPCO Gas was a leading energy company committed to delivering reliable and sustainable energy solutions to communities across Nigeria.

“With a focus on innovation and environmental responsibility, NIPCO Gas strives to be a catalyst for positive change in the energy sector, promoting cleaner alternatives such as AutoCNG to contribute to a greener and more sustainable future,” he said.

NAN