The Presidency has directed the Federal Inland Revenue Service, FIRS, to remit the statutory deductions accruable to the National Agency for Science and Engineering Infrastructure, NASENI.
The directive is part of the steps to boost Science and Technology development in the country.
The agency may soon get one to two per cent of the Federation Account as contained in its establishment law.
The directive followed the upholding of the decision of the Governing Board of NASENI, which is headed by President Muhammadu Buhari.
DigitalTimesNG understands that the directive has also been communicated to the Minister of Finance, Budget and National Planning, Mrs.
In the NASENI Establishment Act 2004, FIRS is statutorily expected to deduct and remit to it a quarter per cent of the levy on turnover of firms earning over N100million and above.
Although NASENI was established in 1992, the law guiding its funding has not been complied with by successive governments.
But in January, President Muhammadu Buhari decided to ensure total compliance with NASENI Act.
Buhari has also approved the placement of NASENI directly under the supervision of the Presidency instead of the Ministry of Science and Technology.
But in a letter signed by the Chief of Staff to President Buhari, Prof. Ibrahim Gambari, the FIRS has been directed to remit the deducted levy on turnover as approved by the President.
“I write to inform you that on 24th January 2021, Mr. President approved the prayers of the Executive Vice Chairman (EVC) of the National Agency for Science and Engineering Infrastructure (NASENI) on the funding of NASENI activities.
“In accordance with the NASENI Establishment Act, one of the prayers of the EVC relates to the funding of the agency via a levy on income or turnover of commercial companies and firms with a turnover of N4million (later increased to N100million) by the NASENI Governing Board) at the rate of a quarter per cent( 1/4 %) of turnover.
“Accordingly, you are kindly requested to act on the implementation of this provision of the NASENI Act as soon as possible,” the letter read.
The presidential directive was said to be informed by seven key projects (inventions) being under-taking by NASENI with funding as a major hindrance. One of the key projects is a Made-In-Nigeria helicopter which Buhari has mandated NASENI to produce.
Others are the establishment of First Made-In- Nigeria Transformer Plant and High Voltage Testing Laboratory to be located in Okene, Kogi State; first Made-In-Nigeria Plant for the manufacturing of Silica which is the major materials needed for local manufacturing of solar panels to resolve alternative/Renewable Energy supply for the nation; and funding of the plant for First Made-In-Nigeria Smart Prepaid Energy Meter, SPEM, which is already patented, before transferring them to private sector entrepreneurs as stipulated by its mandate.
Also included are the establishment of Zonal (Six geo-political Zones) Agricultural Machinery & Equipment Development Institutes which had already been approved by President Muhammadu Buhari; completion of work on First Made-in-Nigeria E-Voting solutions designed and produced by Nigerian Engineers in NASENI; and completion of work on Reverse Engineering process of 5 Kilowatt small Hydro Kinetic Turbine.