News

Companies Operating In Nigeria To Donate 0.005% Of Net Profits To Police Funds

By  | 

Companies Operating In Nigeria To Donate 0.005% Of Net Profits To Police Funds

 

All companies operating businesses in Nigeria will henceforth donate a portion of their after tax profits to the newly formed Nigeria Police Trust Fund.

BlackBox Nigeria gathered that the new development is aimed at improving the funding and training of personnel of the Nigeria Police.

According to the newly signed Nigerian Police Force Trust Fund Act 2019. It was signed into law by President Muhammadu Buhari. While the companies are expected to contribute 0.005 percent
of their net profits for a special intervention fund established under the Act, the trust fund would also
consist of an amount constituting 0.5 percent of the total revenue accruing to the Federal Account.

In addition to that, the fund
would consist any take-off grant and special intervention fund as may be provided by the three tiers
of government; money as may be appropriated to meet the objective of the Act by the National Assembly in the budget; as well as aids, grants and assistance from international bilateral and multilateral agencies, non-governmental organisations and the private sector.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: