NCC remits N294.312bn to Federal Government’s Consolidated Revenue Fund

*The Nigerian Communications Commission discloses it has forwarded a total of N294.312billion as proceeds from spectrum fees to the Consolidated Revenue Fund (CRF) of the Federal Government

Isola Moses | ConsumerConnect

As part of its contribution to the revenue drive of the Federal Government, the Nigerian Communications Commission (NCC) has disclosed it remitted a total of N294.312billion being proceeds from spectrum fees to the Consolidated Revenue Fund (CRF).

ConsumerConnect learnt the West African country’s telecoms regulatory Commission also posted N248.339billion operating surplus, as it has received from MTN Nigeria a total of N71.97 billion from spectrum licence and Unified Access Services (UAS) licence, according to data from the Commission at the weekend.

RELATED: NCC Exceeds Revenue Projection By 400 Percent, Posts N150billion Fees In 5 Months

The NCC stated that it earned N71.6billion from the spectrum licence former, whereas it received N374.6million for the UAS licecne in settlement of their invoices for the 10-year period till August 31, 2031.

The N294.312 billion remitted to the Federal Government’s Consolidated Revenue Fund represented cash received from spectrum fees from 2015 till date, while the N248.339billion operating surplus posted was for the same period under review, noted the Commission.

The operating surplus of an enterprise, according to Eurostat Statistics Explained, an online platform, measures the difference between revenue and expenditure, that is, the surplus or deficit accruing from production, The Nation report said.

RELATED: How Growth In Agric, Telecoms Boosts Nigeria’s GDP To Exit Recession Q4 ─NBS

Eurostat Statistics stated: “It is calculated before taking account of any interest, rent or similar charges payable on financial or tangible non-produced assets borrowed or rented by the enterprise or any interest, rent or similar receipts receivable on financial or tangible non-produced assets owned by the enterprise.”

Recall the telecoms sector regulator in July had said that it generated N150billion from spectrum licence fees in five months.

READ ALSO: Minister Commends NCC, NITDA On Digital Transformation Projects In Nigeria

The Commission also noted that the cash represented over 400 percent increase in revenue budget performance in respect of spectrum fees generated by the Commission between January 1 and May 31, 2021.

The NCC stated this reflects a significant contribution to the revenue drive of the Federal Government of Nigeria.