The Nigerian Communications Commission remitted an Operating Surplus/Spectrum Fees of estimated N197.7bn to the Federal Government for the 2021 financial performance reporting period.
Responding to a publication which claimed that the Commission incurred a deficit of N17bn for the year because of expenditures on personnel and consultancy fees, the NCC, in a statement issued by the Director of Public Affairs, Reuben Muoka, explained that “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.”
Shedding further light on the annual report, the NCC explained that the annual report not only indicates a bank balance of about N46.97bn, “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 expressed concern that the misinterpretation of its financial report in the publication may have created a wrong impression in the minds of the public and its stakeholders, reiterating its commitment to effective and transparent processes in all its regulatory, management and financial activities.