VMT News Ltd
No 1 News Site in Nigeria

Re: NCC Incurs Deficit in 2021 Budget

84

Re: NCC Incurs Deficit in 2021 Budget

The attention of the Nigerian Communications Commission, NCC, has been drawn to an online publication with a headline titled: “NCC Incurs a Deficit of N17bn, Spending N35.2bn on Personnel, Consultancy Fees”.

The Commission is concerned with the inability of the online publication to accurately interpret the contents of its 2021 Annual Reports which have been made public. As a result, the publication 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.

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.

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.

Read Also: Lagos PDP suspends chairman, deputy; constitutes 7-man…

The Commission also remitted an Operating Surplus/Spectrum Fees of estimated N197.7bn to the Federal Government, under the same Financial Performance Reporting period, and had a bank balance of about N46.97bn, erasing any doubt that there was any deficit spending.

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 reiterates its commitment to effective and transparent processes in all its regulatory, management and financial activities.

Re: NCC Incurs Deficit in 2021 Budget

Support Voice Media Trust journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country, we ask you to consider making a modest support to this noble endeavour.

By contributing to Voice Media Trust, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate into:

Dollar Account:

  • A/C NO: 3003093745
    A/C NAME: VOICE MEDIA TRUST LTD
    BANK: UNITED BANK FOR AFRICA

Naira Account:

  • A/C NO: 1023717841
    A/C NAME: VOICE  MEDIA TRUST LTD
    BANK: UNITED BANK FOR AFRICA

Leave a Reply