The Nigerian Investment Promotion Commission (NIPC) has revealed that the Federal Government approved tax holidays for 34 companies in 2023.
Lovina Kayode, Head of Incentives Administration at the commission, made this announcement during an end-of-the-year press briefing held in Abuja on Friday.
The disclosure comes in the wake of ongoing debates surrounding tax incentives and the substantial revenue loss attributed to annual waivers.
Kayode emphasized that these incentives are strategically implemented to enhance foreign investments in the country. Notably, not all companies are granted tax breaks, as the commission adheres to rigorous procedures in awarding waivers.
This move aligns with the government’s commitment to fostering a conducive business environment and attracting investments.
The NIPC has been instrumental in overseeing these processes, ensuring that the incentives contribute to the nation’s economic growth.
The NIPC Head of incentives administration said:
She further unveiled plans by the commission to publish impact reports evaluating the effectiveness of pioneer status incentives. This move underscores the NIPC’s commitment to transparency and accountability in the realm of investment promotion.
She said:
The last edition of this report that was published last year was for the second quarter of 2022.
