The director of Public Affairs reveals the Nigerian Communication Commission, NCC, has reportedly gained times three of its schemed annual revenue, categorically for spectrum licensing fees.
In the space of five months, the commission has recorded more than N150 billion, while they initially budgeted less than the accumulated worth of licensing revenue. The Nigerian government has discovered digital economy is quite significant in generating massive revenue since the first half of 2021 has been this lucrative.
According to the director of Public Affairs, Dr. Ikechukwu Adinde, he made it worth noting the commission gained over 400% extra in generating revenue in the spectrum of licensing fees.
As expected, the NCC will abide by the Nigerian Communication ACT, NCA (2003) protocol that requires the commission to remit the total N150 billion to the government in which they already did before the government will start issuing demands and sanctions — conforming to Dr. Ikechukwu’s report.
The government’s Consolidated Revenue Fund, CRF, is responsible for receiving the remitted revenue sent from NCC. Remember the Nigerian national Assembly approved the commission’s 36 billion Naira budget for spectrum licensing.
Still, the federal government didn’t despise this outrageous revenue increase — the NCC is likely to get accolades for such lucrative spectrum projects outcome, while 2021 is still halfway to run out of time. Note that the NCC is a remarkable policy that regulates a standardized telecom industry.
NCC’s executive vice-chairman, Prof. Umar Danbatta, applauded Ikechukwu’s concerns for developed national GDP growth — the NCC’s contribution of revenue will also give the commission an upper hand in gaining the government interest about classified recommendations.
Since the pandemic, there has been a significant shift towards the digital sector, and this increase is a result of favorable economic growth. Note that the commission accepted a 10-year grant from these telecom operators in the industry which result in improvements in the commission licensing fee spectrum.
Days before June ran out, the NCC worked about adjusting its licensing regulations. It worth noting that the NCC has remitted more than N344.71 billion to the CRF in the space of five years. A lucrative sector for the government to generate vast amounts of revenue — hopefully, these funds will be judiciously utilized.