The Nigerian Communications Commission (NCC) says it remitted N51.3 billion to the federal government’s consolidated revenue fund (CRF) in the first quarter of 2019.
According to a statement issued by the commission on Monday, the remittance is in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007).
Umar Danbatta, the executive vice chairman (EVC) of NCC, said it 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.”
“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.”
Also, Section 17, Sub-section 3 of the Nigerian Communication Act (NCA, 2003) 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).”
Mr Danbatta said the commission had taken the initiative to be making payments as it generates revenue.
He said through effective regulatory oversight by the commission, the telecommunications sector has witnessed phenomenal growth since 2001, making it an enabler of economic growth and development.