NCC generates N51.3bn in Q1 2019

405

The Nigerian Communications Commission, NCC says it remitted N51.3bn to the Consolidated Revenue Fund of the Federal Government in the first quarter of 2019.

Executive Vice-Chairman, of the Commission, Umar Danbatta, said the remittance is in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007).

The Act requires listed Ministries, Departments and Agencies to remit 80 per cent of their operating surpluses to the Consolidated Revenue Fund.

In a statement on Monday, the Director of Public Affairs at NCC, Henry Nkemadu, said the payment represented operating surplus of N44bn and spectrum assignment fee of N7.3bn collected.

He adds that both payments were due to the Federal Government as of April 30.

The FRA 2007 requires such payments to be made every year after preparation of audited accounts of the concerned MDAs.

Danbatta said the regulatory commission had taken the initiative to be making payments into the CRF “as it generates revenue.”

He noted that through effective regulatory oversight by the commission, telecommunications sector had witnessed phenomenal growth since 2001, making it an enabler of economic growth and development.

The NCC boss said, “To date, telecoms industry has positively impacted all the sectors of the economy including banking, healthcare, commerce, transportation, agriculture, education and so on, with increased quarter-on-quarter contribution to the country’s Gross Domestic Product’’.

“From 2001  till date, telecoms investment has increased tremendously from $500m to over $70bn, just as the commission intensifies measures aimed at further facilitating investment growth in telecoms infrastructure to drive the economy, especially through the licensed infrastructure companies.

“We are also working with necessary stakeholders across all levels of government to address identified impediments to investment drive in the sector.”




Leave a Reply

Your email address will not be published.