Connect with us

Business

NCC records 400% revenue increase, remits N150bn

Published

on

The Nigerian Communications Commission (NCC) has disclosed that between January 1 and May 31, 2021, it earned over N150 billion in revenue from spectrum licensing fees.

A statement issued on Sunday by the agency’s Director of Public Affairs, Mr Ikechukwu Adinde, disclosed that this amount surpassed the N36 billion projections by 400 percent.

According to Adinde, the performance reflected a significant contribution to the revenue drive of the Federal Government adding that the N150 billion spectrum revenue achieved in the first half of the year has been remitted to the government in line with the provisions of the Nigerian Communications Act (NCA), 2003.

The act mandates the Commission to remit proceeds from spectrum resources wholly into the government’s Consolidated Revenue Fund (CRF).

Read also: We have no plan to collect phone identification numbers – NCC

Adinde also said that the activities of the commission boosted the country’s Gross Domestic Product (GDP), and improved the operations of licensees as well as boosted the government’s revenue generation.

Commenting on the revenue performance, the Executive Vice Chairman of the Commission, Prof. Umar Garba Danbatta, said that 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.

Danbatta noted that the 10-year spectrum fees made by some of the major operators directly impacted the projected spectrum fee favourably, adding that the commission believes that the enthronement of effective regulation will continue to improve the general performance of the telecoms sector.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

Leave a Reply

Your email address will not be published.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

seventeen − twelve =

Investigations