A total of N150billion was reported to have been generated by the Nigerian Communications Commission (NCC) from spectrum license fees between January and May this year.
This made the commission exceed its projected 2021 revenue of N36 billion from spectrum licensing.
This represents over 400 per cent increase in revenue budget performance in respect of spectrum fees generated by the commission in the first five months of the year, reflecting a significant contribution to the revenue drive of the Federal Government.
A statement signed by the Director of Public Affairs of the Commission, Dr. Ikechukwu Adinde, said the N150 billion 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 (NCA), 2003, which mandates the Commission to remit proceeds from spectrum resources wholly into the government’s Consolidated Revenue Fund (CRF).
The Commission, in its 2021 Budget, which was considered and approved by both chambers of the National Assembly in December 2020, projected revenue of N36 billion from spectrum fee for the year 2021 but has remarkably surpassed this estimate.
Over the years, the NCC had put in place an effective regulatory regime that has significantly facilitated advancements in the nation’s telecoms industry, boosted Gross Domestic Product (GDP), and improved the operations of licensees as well as boosted Federal Government’s revenue generation.
In his remarks, the Executive Vice Chairman of the Commission, Prof. Umar Garba Danbatta, said that the impressive uptick in spectrum fee was the result of the favourable turn of events for the telecoms sector, which at the time of preparing the estimates for the 2021 Budget of the Commission was not clear due to the ravaging impact of COVID-19 on the global economy.