The Nigerian Communications Commission, NCC, has disclosed remitting an Operating Surplus/Spectrum Fees of estimated N197.7 billion to the Federal Government, with a bank balance of about N46.97 billion.
The Commission, came up with this information to erase what it termed erroneous publication that it incurred deficit spending.
The NCC, said its attention has been drawn to an online publication with a headline titled: “NCC Incurs a Deficit of N17bn, Spending N35.2bn on Personnel, Consultancy Fees”.
In providing clarification it said it is concerned with the inability of the online publication to accurately interpret the contents of its 2021 Annual Reports which have been made public.
The publication according to the Commission, gave a wrong impression that the Commission incurred a N17bn deficit because of expenditures on personnel and consultancy fees. This is far from the truth.
According to the Commission, Though the Statement of the Financial Performance of the Commission for the period ended December 2021, clearly indicates that the sum of N17.3bn was a “Surplus/(Deficit) retained for the period)”, this does not imply that the Commission incurred a cash deficit as the expenditure in its financials were both in cash and accruals applicable to the year.
It noted that if the publication had inquired of the constituents of our expenditure, it would have learnt that the expenditures for the year 2021 included accruals for items undergoing procurement at the end of the year, like the State Accelerated Broadband Initiative, SABI, being implemented by the Commission, which was standing in the sum of about N24bn in the financial report.
The Commission, therefore, disclaims the wrong impression created by the above headline, and subsequent misinterpretation of our financial report in the publication may have had in the minds of the public, and stakeholders.
The Commission reiterated its commitment to effective and transparent processes in all its regulatory, management and financial activities.