The Nigerian Communications Commission (NCC) has disclosed that it more than N150 billion from spectrum license fees within the first five months of 2021, indicating N36 billion higher than its raked in revenue projections for the period.
The commission’s Director of Public Affairs, Dr Ikechukwu Adinde, made the disclosure in a statement issued at the weekend.
He clarified: “The figure represents over 400 per cent increase in revenue budget performance in respect of spectrum fees generated by the commission between January 1 and May 31, 2021, reflecting significant contribution to the revenue drive of the Federal Government.
“Accordingly, the N150bn spectrum revenue achieved in the first half of the year has been remitted to the Federal Government in line with the provisions of the Nigerian Communications Act 2003, which mandates the commission to remit proceeds from spectrum resources wholly into the government’s Consolidated Revenue Fund”, the director added.
Commenting on the revenue collections by the commission, the commission’s Executive Vice Chairman, Prof. Umar Danbatta, attributed the performance to a favourable turn of events in the telecom sector.