Sunday , June 16 2024

NCC remits N294.3bn to Consolidated Fund

The Nigerian Communications Commission (NCC) has remitted a total of N294.312billion being proceeds from spectrum fees to the Consolidated Revenue Fund (CRF) of the Federal Government,  from the Commission stated at the weekend.

The Story also gathered the Commission has posted N248.339billion operating surplus and has received from MTN Nigeria a total of N71.97 billion from spectrum licence and Unified Access Services (UAS) licence.

According to an online platform, eurostat Statistics Explained, the operating surplus of an enterprise measures the difference between revenue and expenditure, that is, the surplus or deficit accruing from production. 

It was also learnt that while the Commission earned N71.6billion from the former, it got N374.6million for the latter in settlement of their invoices for the 10-year period until August 31, 2031.

The NCC said the N294.312 billion remitted to the CRF represented cash received from spectrum fees from 2015 till date while the N248.339billion operating surplus posted was for the same period under review.

The regulator in July said it had generated N150 billion from spectrum licence fees in five months.

The cash, it said, represented 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. This reflects a significant contribution to the revenue drive of the Federal Government, it said.

 “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,” the online platform explained.