NCC remits N49.7bn to Consolidated Revenue Fund in Q1
The Nigerian Communications Commission, NCC, said it has remitted over N49.7billion into the Consolidated Revenue Fund, CRF, account n the first quarter of the year 2018.
With this remittance, the commission has taken the lead in making early payments to the CRF as it generates revenue, as against the usual practice of annual payments at the end of each financial year.
The Fiscal Responsibility Act of 2007, stipulates that such payments were to be made every year after preparation of audited accounts.
According to the Director, Public Affairs unit of the NCC, Tony Ojobo, the N49.7billion payment made by the commission represents “Payment on Account” in respect of operating surplus for the year 2018.
“The Nigerian Communications Commission, NCC, remitted N49,792,870,113 (forty-nine billion, seven hundred and ninety-two million, eight hundred and seventy thousand, one hundred and thirteen naira only) to the Federal Government Consolidated Revenue Fund, CRF, within the first four months of 2018.”
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.”
He added that Section 22, Sub section 2 of the Act clarifies that, “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 so far remitted, according to the NCC, are besides Spectrum Assignment fees which are remitted 100 percent 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.”
Recall that the Executive Vice Chairman of NCC, Prof. Umar Danbatta, while on a recent courtesy visit to the CBN, reeled out the contributions of the telecommunications sector to the Nigerian economy.
He said in the first quarter of 2017, telecommunications contributed N1.45 trillion to the Gross Domestic Product, GDP, while the figure rose to N1.549 trillion in the second quarter of the year.
In general terms, telecoms industry contribution to GDP in Nigeria stands at 10 percent yearly in the last four years, Prof. Danbatta submitted.
From a $50million investment in the sector in 2001, the figures rose to $70billion as at September, 2017.