Nigeria’s Telecommunications regulator, the Nigerian Communications Commission incurred a deficit of N17.39bn after spending N35.2bn on personnel and consultancy fees in 2021.

The NCC’s financial records for 2021 revealed the agency incurred a record N272bn which was driven by the country’s spectrum fees worth N189bn and N64.99bn revenue from administrative fees.

Other major revenues were N15bn from licenses and permits, N6bn from new numbering plans and N2bn raised from sanction fees.

Compared to 2020, the agency’s revenue rose 190.1 per cent from N92.05bn to N272.9bn in 2021.

However, the commission said it spent N34.2bn on salary, wages, allowances and pension contributions and another N1bn on project consultancy fees.

The personnel cost rose by N12bn to N34.16bn in 2021 compared to the N22.5bn spent in 2020.

“Employee costs including the provision for pension contribution comprises: salaries, wages and allowances N31.34bn in 2021 (N20.5bn in 2020). Pension contributions of N2.82bn (N2.02bn in 2020),” the records said.

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According to the NCC books, N1bn was spent on project consultancy fees which rose 159 per cent against the N386.1m spent on consultancy in 2020.

During the period, the NCC remitted spectrum fees and an operating surplus of N197.68bn to the Federal Government account.

This was higher compared to the N42.06bn remitted in 2020.

The remittance of the operating surplus is “in line with the provisions of the Fiscal Responsibility Commission Act of 2007. Spectrum fees were remitted 100 per cent by the commission” in 2021, according to NCC.

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https://newsextra.com.ng/2023/04/25/ncc-incurs-n17bn-deficit-after-spending-n35-2bn-on-personnel-consultancy-fees/

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