NCC remits N51.3b to FG in Q1 2019

NCC remits N51.3b to FG in Q1 2019

 

The Nigerian Communications Commission (NCC) has remitted N51.3 billion to the Federal Government’s Consolidated Revenue Fund (CRF). The remittance was for the first quarter of 2019.

 

The commission made the announcement through a press statement issued by Director of Public Affairs of the NCC, Henry Nkemadu on Monday.

 

According to the statement, the remittance is in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007).

 

Executive Vice Chairman (EVC/CEO), NCC, Prof. Umar Garba Danbatta said that the Commission had taken the initiative to be making Payments on Account as it generates revenue.

 

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

 

Prof Danbatta also revealed that the Commission has witnessed increased investment in telecoms.

 

“From 2001 till date, telecoms investment has increased tremendously from $500 million to over $70 billion. This is 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).

 

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

 

ALSO READ: Cybercrime: FG taking action to check scourge – NCC boss

 

Further, Prof. Danbatta disclosed that aside from surpassing the broadband penetration target of 30%, the contribution of telecom section also increased. He attributed this to the efficient regulatory efforts of the commission.

 

NCC sees broadband as economic catalyst

“The Commission has since placed greater emphasis on broadband development as the next frontier for economic growth by driving efficiency and innovations in Nigeria.

 

“Consequently, through painstaking implementation of our 8-Point Agenda with the need to facilitate broadband development topping the agenda, we have been able to increase broadband penetration to 33.13 per cent as at end of May, 2019.

 

“For instance, latest 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 from the first quarter of the 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.”

About The Author

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

Related posts

Leave a Reply

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