The number of companies enjoying tax exemptions under the Federal Government’s Pioneer Status Incentive (PSI) scheme rose to 105 as of December 2024, even as the government considers ending the policy to shore up its revenue base.
Among the current beneficiaries are Dangote Fertilisers, Mikano International Limited, and 103 other local and foreign firms.
The Nigerian Investment Promotion Commission (NIPC), which oversees the programme, granted tax holidays to 22 new companies in the final quarter of 2024, increasing the total from 83 in the third quarter to 105 by year-end.
The scheme had earlier seen fluctuations in participation—rising to 104 companies in the first quarter, before falling to 88 in the second quarter and 83 in the third.
The increase in beneficiaries comes amid growing concerns about the scheme’s effectiveness and the government’s broader plan to discontinue it as part of efforts to improve non-oil revenue and address fiscal challenges.
