As part of steps to boost Science and Technology development in the country, the Presidency has directed the Federal Inland Revenue Service, FIRS, to remit the statutory deductions accruable to the National Agency for Science and Engineering Infrastructure, NASENI.
The agency may soon get one to two per cent of the Federation Account as contained in its establishment law.
The directive followed the upholding of the decision of the Governing Board of NASENI, which is headed by President Muhammadu Buhari as the chairman.
The directive has also been communicated to the Minister of Finance, Budget and National Planning, Mrs.
In the NASENI Establishment Act 2004, FIRS is statutorily expected to deduct and remit to it a quarter per cent of the levy on turnover of firms earning over N100million and above.
Although NASENI was established in 1992, the law guiding its funding has not been complied with by successive governments.
But in January, President Muhammadu Buhari decided to ensure total compliance with NASENI Act. Buhari has also approved the placement of NASENI directly under the supervision of the Presidency instead of the Ministry of Science and Technology.
According to a letter from the Presidency, signed by the Chief of Staff, Prof. Ibrahim Gambari, the FIRS has been directed to remit the deducted levy on turnover as approved by Buhari.
The letter said: “I write to inform you that on 24th January 2021, Mr. President approved the prayers of the Executive Vice Chairman (EVC) of the National Agency for Science and Engineering Infrastructure (NASENI) on the funding of NASENI activities.
“In accordance with the NASENI Establishment Act, one of the prayers of the EVC relates to the funding of the agency via a levy on income or turnover of commercial companies and firms with turnover of N4million (later increased to N100million) by the NASENI Governing Board) at the rate of a quarter per cent( 1/4 %) of turnover.
“Accordingly, you are kindly requested to…
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