Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • About
    • Advertise
    • Contribute
    • Donate
    • Forum
    • Contact
    Login
    InfoStride NewsInfoStride News
    • Home
    • Business
    • Celebrity
    • Crime
    • Nigeria
    • Politics
    • Sports
    • Technology
    • More
      • COVID-19
      • Editor’s Picks
      • Health
      • Opinions
      • Press Releases
      • World
    Subscribe
    InfoStride NewsInfoStride News
    Home»Business Matters»Profit of NIPC goes up by over 1000% to N2.32 billion in FY 2020

    Profit of NIPC goes up by over 1000% to N2.32 billion in FY 2020

    Business Matters By Temitope N.Sep 6, 2021No Comments2 Mins Read
    Facebook Twitter WhatsApp Pinterest LinkedIn Tumblr Email Reddit VKontakte

    The Nigerian Investment Promotion Council (NIPC) has reported a surplus of N2.32 billion for the 2020 financial year, indicating a surge of about 1,632% when compared to the sum of N134.16 million recorded in the corresponding period of 2019.

    NIPC Boss
    NIPC Boss

    This is according to the recent FY 202O financial result released on the council’s website.

    Despite posting a relatively moderate gain of about 62.1% in its gross earnings (N3.83 billion), the agency printed a massive boost in its bottom line, largely due to its ability to manage costs and significantly reduce its expenditure during the period under review. The agency’s total expenditure hit a three year low of N1.51 billion during the period under review, compared to the N2.04 billion (2018 FY) and N2.2 billion (2019 FY).

    In a bid to prudently manage costs, the agency through its recent financials revealed that “No salary and allowances were paid to the Governing Council outside and above the amount approved by the Revenue Mobilization Allocation and Fiscal Commission and the National Salaries, Incomes and Wages Commission.’’

    See also  Profit Must Be Made From Music - Orezi

    Additionally, the agency also revealed that it did not sponsor any overseas training, welfare packages during the period under review, rather it opted for local travels and training for its staff. It also did not give any donation, gift or sponsorship and there was no cost of revenue collections by third parties during the period under review.

    Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate

    NIPC profit
    Share. Facebook Twitter WhatsApp Pinterest Reddit Tumblr VKontakte Email LinkedIn

    Related Posts

    Five Ways To Analyze The Forex Market

    Dec 22, 2022

    Why FG is investigating Mikano, Jubali Brothers, JMG over generator importation

    Dec 15, 2022

    Food Inflation: Average price of tomato rises 30% in one year – NBS

    Oct 28, 2022

    Governors warn that CBN’s proposed loan recovery from FAAC revenue is “suicidal”

    Oct 22, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Get Social with Us
    • Facebook
    • Twitter 6.5K
    • Pinterest 93
    • Instagram
    • YouTube
    Latest Posts

    Lawyers petition President Buhari over Commander of Navy Special Forces in Kogi State

    Jan 31, 2023

    UK PM Rishi Sunak sacks Conservative Party chief over tax penalty row

    Jan 30, 2023

    Hold On Tight To Those You Consider The One – Vee

    Jan 30, 2023

    Don’t Expect Any Signings After Gakpo – Klopp

    Jan 30, 2023

    Subscribe to Updates

    Get the latest breaking news straight into your inbox!

    Random News

    Parents Of Dapchi Girls Should Please Bear With The Government — Femi Adeshina

    Feb 26, 2018

    PMB’s Nephew Reportedly Responsible For Copied Speech

    Sep 19, 2016

    Ex-Perm Sec, Onoja, To Battle David Mark For PDP Ticket To Represent Benue South

    Oct 26, 2014

    Koke Says Man Utd Move Is Possible If Atletico Sells

    Feb 7, 2015

    InfoStride News delivers the latest breaking news, Nigeria news, world news and top stories on business, celebrity, entertainment, politics, sports, technology and more. Experience the best of in-depth coverage, special reports, football highlights, political opinions, crime watch, celebrity gossips etc.

    GooglePlay Store Button

    Support InfoStride News' Credible Journalism

    Credible journalism involves a lot of efforts and money; and can guarantee a fair, accountable and transparent society, including democracy and government. We need your support to continue offering free access to our loyal readers and visitors like you.

    Click here to Donate

    Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • Our Terms
    © 2023 InfoStride News. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Continue with Facebook
    Continue with Google
    Continue with Twitter
    Lost password?