NCC surpasses revenue projection, posts N150bn in 5 months

The Nigerian Communications Commission (NCC) has exceeded its N36 billion projected revenue from spectrum license fees for 2021.

The Commission said it had recorded over N150 billion from this revenue source within the five months of the year.

Director, Public Affairs, Dr Ikechukwu Adinde, made this known in a statement on Sunday in Abuja.

Adinde said that the figure represents over 400 per cent increase in revenue budget performance in respect of spectrum fees generated by the commission between January 1 and May 31, 2021.

He said that this reflected significant contribution to the revenue drive of the Federal Government.

According to him, 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).

The Commission, in its 2021 Budget, 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 noted that over the years, the NCC had put in place an effective regulatory regime which had significantly facilitated advancements in the nation’s telecoms industry.

The director also said that it boosted Gross Domestic Product (GDP), and improved the operations of licensees as well as boosted the government’s revenue generation.