NCC Remits N49.7bn To FG In 4 Months

The Nigerian Communications Commission (NCC) said it has remitted N49,792,870,113.00 to the federal government’s Consolidated Revenue Fund (CRF) account domiciled with the Central Bank of Nigeria (CBN) within the first four months of 2018 in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007). Eyes Of Lagos gathered that,  A statement by the director, Public Affairs, NCC, Tony Ojobo, said this figure represents “Payment on Account” in respect of operating surplus for the year 2018. According to the FRA 2007, such payments were to be made every year after preparation of audited accounts. However, the NCC has taken the initiative to be making payments on account as it generates revenue, he said. Ojobo said 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 is clear about this: “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 Corporations Account.” The funds remitted are besides Spectrum Assignment fees which are remitted 100 per cent to the federal government in line with Section 17, Sub section 3 of the Nigerian Communications Act (NCA 2003), he said. The section states that “the Commission shall pay all monies accruing from the sale of Spectrum under part 1 of Chapter VIII into the Consolidated Revenue Fund (CFR).” Executive vice chairman and chief executive of NCC, Prof. Umar Garba Danbatta, enumerated how telecommunications has impacted the Nigerian economy positively during a courtesy visit to the CBN governor, Mr. Godwin Emefiele recently. Danbatta quoted figures released by the National Bureau of Statistics (NBS) to justify this impact.

No comments