CHIKUN/KAJURU REP, HON. FIDELIX BAGUDU, ANNOUNCES NEW APPOINTMENTS TO STRENGTHEN INCLUSIVE GOVERNANCE. (PHOTO).
The Nigerian Investment Promotion Commission (NIPC) has announced that 105 companies were granted corporate income tax waivers under the Pioneer Status Incentive in the fourth quarter of 2024.
According to the NIPC’s Q4 report, the beneficiaries, including Dangote Fertilisers, Mikano International, Dufil Prima Foods, and Edo Refinery, collectively invested over N2.4 trillion.
The pioneer incentive offers qualifying firms a three-year tax holiday, extendable by up to two years, to stimulate industrial growth.
As of December 31, 2024, NIPC received 19 new applications, approved extensions for eight companies, and granted 22 fresh approvals.
While the report did not disclose the total value of the waivers, authorities have flagged concerns over the rising cost of tax incentives, which reportedly amount to about N6 trillion annually.
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