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NCC remits N49.7b to govt in Q1

NCC remits N49.7b to govt in Q1

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In compliance with the Fiscal Responsibility Act of 2007 (FRA 2007), the Nigerian Communications Commission (NCC) yesterday said it has remitted N49,792,870,113.00 to the Federal Government Consolidated Revenue Fund (CRF) in first quarter (Q1) of this year.

It said the figure represents “payment on account” in respect of operating surplus for the year 2018.  According to the FRA 2007, such payments are to be made every year after preparation of audited accounts.  However, the NCC has taken the initiative to be making payments as it generates revenue.

Section 22, Sub section 1 of the Act states: “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).

The section states: “The Commission shall pay all monies accruing from the sale of spectrum under part 1 of Chapter VIII into the Consolidated Revenue Fund (CFR).”

The Executive Vice Chairman/Chief Executive of NCC, Prof. Umar Garba Danbatta, said the telecoms sector has impacted the 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.

For instance in the first quarter of 2017, telecommunications contributed N1.45Trillion to the Gross Domestic Product (GDP) while the figures rose to N1.549Trillion in the second quarter of 2017.

“This performance at a period of recession is very remarkable,” he said, adding that “we are keeping dates with the NBS to identify and track how these trends continue”

In general terms, telecoms industry contribution to GDP in Nigeria stands at 10 per cent yearly in the last four years, he said.

 

 

The post NCC remits N49.7b to govt in Q1 appeared first on The Nation Nigeria.

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