By Innocent Anaba

The Revenue Mobilization Allocation and Fiscal Commission, RMAFC,  has commended the management of Nigerian Investment Promotion Council, NIPC, for its reform programmes aimed at transforming the council into a world-class investment promotion agency, enforcing the rule of law and minimizing leakages in the activities of NIPC.

Chairman of the commission, Elias Mbam, at the presentation of Status Report on the administration of Fiscal Incentives by the  members of the commission’s Non-Oil Monitoring Committee, in his office in Abuja, observed that “Nigeria at the moment, cannot sit back and watch a few unscrupulous elements in our midst fiddle with our common patrimony by taking undue advantage  of some fiscal policies, including  the Pioneer Status Incentive, waivers and concessions, tax holidays designed by government to encourage and promote economic activities in priority areas and growth drivers of the economy.”

He added that the issue of import duty waivers, concessions and exemptions have direct bearing on the quantum of revenue accruals into the Federation Account which gets depleted and consequently affects the share of every tier of government.

He said RMAFC was quite pleased with the Executive Secretary of NIPC, Mrs. Saratu Umar, for taking bold steps that had sanitized the granting of the Pioneer Status Incentives which had hitherto witnessed challenges in its administration that led to huge revenue loss to the federation, stressing that all the reforms  will translate to more revenue to the Federation Account.