N5.3bn paid into consolidated revenue fund in five years

The Nigerian Investment Promotion Council (NIPC) says it remitted N5.36 billion to the consolidated revenue fund (CRF) in five years.

The figure represented 46 percent of the total internally generated revenue (IGR) at N11.61 billion for the period under review.

Section 22 of the Fiscal Act mandates government-owned companies and corporations to establish a general reserve fund and allocate one-fifth (20 percent) of its operating surplus for every year. It further directs the balance to be paid to the CRF of the federal government.

In its recently released financial summary…