05 Jul NCC remits N150bn to FG in 5 months
The Nigerian Communications Commission (NCC) says with N150bn revenue from spectrum license fees in the first five months of this year, it exceeded its N36 billion projected revenue.
NCC’s Executive Vice Chairman, Prof Umar Garba Danbatta, broke the news in a statement on Sunday.
“The figure represents an over 400 percent increase in revenue budget performance in respect of spectrum fees generated by the Commission between January 1 and May 31, 2021,” Danbatta said.
“Accordingly, the N150 billion spectrum revenue achieved in the first half of the year has been remitted to the Federal Government in line with the provisions of the Nigerian Communications Act (NCA), 2003, which mandates the Commission to remit proceeds from spectrum resources wholly into the government’s Consolidated Revenue Fund (CRF).
He said the Commission, in its 2021 Budget which was considered and approved by both chambers of the National Assembly in December, 2020, projected revenue of N36 billion from spectrum fee for the year 2021 but has remarkably surpassed this estimate.
He said the impressive uptick in spectrum fee was the result of the favourable turn of events for the telecom sector, which at the time of preparing the estimates for the 2021 Budget of the Commission was not clear due to the ravaging impact of COVID-19 on the global economy.
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