The Nigerian Communications Commission (NCC) said it remitted N49.7 billion to the Federal Government in the first quarter of 2018.
The NCC’s Director of Public Affairs, Mr. Tony Ojobo, said in a statement on Thursday that the remittance was in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007).
He said the figure represented the “Payment on Account” in respect of operating surplus for period.
“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 on account as it generates revenue.
“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 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,’’ he said.
The NCC spokesman said that the funds remitted were 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).’’
According to him, 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 (CFR).”