The Nigerian Communications Commission (NCC), said it remitted a total of N51.3 billion to Federal Government’s Consolidated Revenue Fund (CRF), in the first quarter of 2019.

The remittance, according to the Executive Vice Chairman (EVC/CEO), NCC, Prof. Umar Garba Danbatta, is in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007).

The payment represents “Payment on Account” in respect of operating surplus of N44 billion and N7.3 billion spectrum assignment fee collected, both of which were due to the Federal Government as at April 30, 2019.

According to the FRA 2007, such payments are to be made every year after preparation of Audited Accounts.

Specifically, Section 22, Sub-section 1 of the Act states that, “Notwithstanding the provisions of any written law governing the Corporation, each Corporation shall establish a general reserve fund and shall allocate thereto at the end of each financial year, one fifth of its operating surplus for the year.”

Section 22, Sub-section 2 of the Act states further that, “The balance of the operating surplus shall be paid into the Consolidated Revenue Fund (CRF) of the Federal Government not later than one month following the statutory deadline for publishing each Corporation’s Account.”

Aside from remitting the operating surplus, Section 17, Sub-section 3 of the Nigerian Communication Act (NCA, 2003) also stipulates that spectrum assignment fees generated shall be remitted 100 per cent to the Federal Government.

The Section states that, “the Commission shall pay all monies accruing from the sales of Spectrum under Part 1 of Chapter VIII into the Consolidated Revenue Fund (CRF).”

Commenting on the remittances, Danbatta said the Commission had taken the initiative to be making payments on Account as it generates revenue.


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

“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 (GDP),” He added.

Meanwhile a recent data released by the National Bureau of Statistics (NBS), showed that the telecoms industry contributed 10.11 per cent to Nigeria’s GDP in the first quarter of 2019.

This represents a 0.92 per cent increase over the first quarter of last year. This year’s first quarter contribution is also 0.26 per cent more than the figure (9.85 per cent) recorded in the last quarter of 2018.

“From 2001 till date, telecoms investment has increased tremendously from $500 million to over $70 billion, just as the Commission intensifies measures aimed to further facilitate investment growth in telecoms infrastructure to drive the economy, especially through the licensed Infrastructure Companies (InfraCos).

https://www.akelicious.net/2019/07/ncc-remits-n513bn-to-fg-in-q1.html

This is reason my monthly subscription doesn't last a week

Good one from NCC

Then, why is Buhari still borrowing? So many organizations claim to remit money to FG.

I'm beginning to think that the person ruling Nigeria is Jubril from Sudan.

And what's FG gonna do with the money

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This is the change we voted for.

God bless our darling President Muhammadu Buhari.

God bless Nigeria.

Keep supporting these politicians.

post=80309010:
This is the change we voted for.

God bless our darling President Muhammadu Buhari.

God bless Nigeria.

Nigeria will be great again.

If not in our lifetime, our children will witness it.

Studyinchina200:
Keep supporting these politicians.

We are talking about Nigeria here, not China!
Be guided!!

post=80309119:

Kindly focus on your China Mr man.
Be guided!

See below

Slow and steady , we will get to a better nation .

We will keep the hope alive.

God bless Nigeria.

No wonder networks are always unstable wen network providers can't acquire good machinery due to high demand from government yet government can't help them, ordinarily to provide them with constant light to power their mast stations or to even provide adequate security for their gadgets. Nigeria is the only country that still charge so high for communication.

EkperemoEgbabi:


See below

Your grill no get S.

That's a good one.

Good one...

I doubt if they remitted up to 200m in the last 7 years.. We Saw big difference between Jamb of 10 years ago compared to today in terms of remittance

Many will say why FG still borrow but they fail to ask why dangote too still borrow

Multiple remittances from various MDA's. In fact the account manager of our almighty TSA wey dey pangolo piggy bank go don see zeros wey him/her never ever see for him life before.

Bia, Bubu get atm card to that account?

Big boy things...

Franklerry:
Many will say why FG still borrow but they fail to ask why dangote too still borrow

dangote borrows to expand business and employ more hands...our government borrows and things get worse...think'xx

lonelydora:
Then, why is Buhari still borrowing? So many organizations claim to remit money to FG.

I'm beginning to think that the person ruling Nigeria is Jubril from Sudan.

I think it is Jubril from Umuahia.

They money should not be looted.
It has been taken into our record.
Let's here how much Jamb and FIRS are going to remit.

Nemesis909:


Your grill no get S.

You even have time to reply the tin.
His over 40 mentions of us have been ignored everytime.
That kills him more.
Please ignore him henceforth.
He's not worth wasting time on.

Thanks for the heads up man.

Untainted007:
No wonder networks are always unstable wen network providers can't acquire good machinery due to high demand from government yet government can't help them, ordinarily to provide them with constant light to power their mast stations or to even provide adequate security for their gadgets. Nigeria is the only country that still so high for communication.

And the NCC do not care about the working of those Nigerians in the Telecom industry. Some APC eRats are just busy shouting nice one PMB without knowing anything about the Cows that are milked to generate this amount.

post=80309010:
This is the change we voted for.

God bless our darling President Muhammadu Buhari.

God bless Nigeria.

God is blessing your Darling president while his foot soldiers are killing farmers and others alike.
Senior zombie!

post=80309010:
This is the change we voted for.

God bless our darling President Muhammadu Buhari.

God bless Nigeria.

When the change is nearly taken us to grave.. Can u Compare of 100mb of 5years ago to 1gb of nowadays, they are almost d same.. We are still d one(Voters) that suffer d pains.

ALL THESE LARGE AMOUNT OF MONEY IS NOT THE MAIN THING THE QUESTION WE SHOULD BE ASKING OURSELVES IS WHAT IS THE ONEW GOING TO BE USED FOR AT THE END OF THE DAY. AT THE END THIS MONEY WILL END UP IN THE POCKETS OF OUR HOPELESS POLITICIANS

Even the CEO is from the North again. GMD of NNPC, north. Every major parastatal, na northerner dey head am

And yet no money for minimum wage

With all these monies being remitted, so still borrow even to pay workers salary