The NIPC regards monies it makes from administering the federal government’s Pioneer Status Incentive as internally generated revenue. But a board
The Abuja Division of the Federal High Court has struck out a suit brought by a member of the governing council of the Nigerian Investment Promotion Commission which sought to block the agency from spending the N5.6billion internally generated revenue that accrued to it.
On December 17, 2019, Justice Chikere granted an interim order restraining the NIPC from appropriating and spending its IGR pending the hearing and determination of the motion on notice. However, counsel to the defendants, Kehinde Ogunwumiju of Messrs Afe Babalola & Co, filed a preliminary objection to the suit and a counter-affidavit against the motion for interlocutory injunction arguing that the plaintiff had no legal right to file the suit as he was part of the governing council that approved the expenditure of the IGR.
The Court held further that in any case, the application was seeking to restrain the spending of an IGR that had already been duly spent in 2018 and 2019. Under the PSI programme, companies considered as pioneers in their investment areas get tax holidays for three years to enable stability. The governing council of the commission had earlier consented to the utilisation of the funds by the management.
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