By Prince Osuagwu
The Nigerian Communications Commission, NCC, yesterday announced that it had remitted up to N49.7 billion to the federal government, in the first four months of 2018 in compliance to the fiscal responsibility Act of 2007.
The Fiscal Responsibility Act of 2007 (FRA 2007), was passed into law in 2007 and amended in 2011. The law serves to protect against financial ‘rascality’ and reckless spending by government.
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 says: “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”.
Specifically, the NCC said it remitted N49,792,870,113.00 to the Federal Government Consolidated Revenue Fund (CRF) within the first four months of 2018.
This figure, according to the commission, represents “Payment on Account” in respect of operating surplus for the year 2018.
Director Public Affairs of the commission, Mr Tony Ojobo, said that “the Act makes it mandatory that such payments are to be made every year after preparation of Audited Accounts.