The Nigerian Communications Commission says it remitted N51.3bn to the Consolidated Revenue Fund of the Federal Government in the first quarter of 2019. The remittance, according to the Executive Vice-Chairman, NCC, Prof. Umar Danbatta, is in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007).
The Act requires listed Ministries, Departments and Agencies to remit 80 per cent of their operating surpluses to the Consolidated Revenue Fund. In a statement made available to our correspondent in Abuja on Monday by the Director of Public Affairs at NCC, Dr Henry Nkemadu, the payment represented operating surplus of N44bn and spectrum assignment fee of N7.3bn collected.
According to Nkemadu, both payments were due to the Federal Government as of April 30. The FRA 2007 requires such payments to be made every year after preparation of audited accounts of the concerned MDAs.
Section 17, Sub-section three of the Nigerian Communication Act (NCA, 2003) also stipulates that spectrum assignment fees generated should be remitted 100 per cent to the Federal Government. Danbatta was quoted to have said that the regulatory commission had taken the initiative to be making payments into the CRF “as it generates revenue.”