The National Agency for Science and Engineering Infrastructure (NASENI or “the Agency”) was established by the NASENI Act, Cap N3 LFN 2004 (“the Act”) in 1992. The Agency has a mandate to manage the research and development of capital goods, production and reverse engineering to enhance local mass production of standard parts, goods, and services required for the nation’s technological advancement.
Since its enactment in 1992, the funding provisions of the NASENI Act have not been fully implemented, especially with respect to the levy on commercial companies and firms that meet the ₦4 million turnover threshold. Consequently, His Excellency, President Muhammadu Buhari, GCFR during the NASENI Governing Board meeting on 26 January 2021 directed the Honourable Minister of Finance, Budget and National Planning, and Chairman of the Federal Inland Revenue Service (FIRS) to commence collection and remittance of the statutory levy due to the NASENI to enable it to achieve its mandate. Following the Presidential directive, the NASENI Governing Board (“the Board”) has increased the threshold to ₦100 million. While raising the prescribed threshold for compliance is desirable to reflect current realities, the action of the Board is tantamount to amending the law, which is the exclusive preserve of the National Assembly.
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