In compliance with the Fiscal Responsibility Act of 2007 (FRA 2007), the Nigerian Communications Commission (NCC) remitted N49.79 to the Federal Government Consolidated Revenue Fund (CRF) within the first quarter of 2018.
This figure represents “payment on account” in respect of operating surplus for 2018.
In a statement, NCC said that according to the FRA 2007, such payments are to be made every year after preparation of audited accounts.
However, 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 corporation’s 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 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), NCC stated.”
The Executive Vice Chairman (EVC) and Chief Executive of NCC, Prof. Umar Garba Danbatta, enumerated how telecommunications has impacted the Nigerian economy positively.
