Key highlights
- NCC said the sum of N17.3 billion was a surplus/deficit retained for the period.
- NCC also remitted an Operating Surplus/Spectrum Fee of an estimated N197.7 billion to the Federal Government.
- They revealed that expenditures in its financials were both in cash and accruals applicable to the year.
The Nigerian Communications Commission (NCC) has denied reports that it incurred the sum of N17 billion as a deficit in its 2021 budget.
This clarification was made in a statement by NCC’s Director, of Public Affairs, Dr. Reuben Muoka in Abuja, while responding to media reports that the agency, allegedly spent the sum of N35.2 billion on personnel costs and consultancy fees.
NCC also stated that the report is false as its expenditures for the year 2021 included accruals for items undergoing procurement at the end of the year.
Rebuttal
NCC’s Director, of Public Affairs, Dr. Reuben Muoka also stated that Nigerian Communications Commission (NCC) did not incur a deficit of N17 billion adding that the commission was concerned with the inability of an online publication to accurately interpret the contents of its 2021 Annual Reports which had been made public, he said in his words:
- ”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 N17.3 billion was a surplus/deficit retained for the period.
- “This does not imply that the commission incurred a cash deficit as the expenditures in its financials were both in cash and accruals applicable to the year.
Expenditures
The NCC further noted that as part of its expenditures for the period included, accruals for items undergoing procurement at the end of the year, they added:
- “If the publication had inquired of the constituents of our expenditures, it would have learned 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 N24 billion in the financial report.”
Operating Surplus
The NCC spokesman also disclosed that the NCC also remitted an Operating Surplus/Spectrum Fee of an estimated N197.7 billion to the Federal Government under the same Financial Performance Reporting period and also had a bank balance of about N46.97 billion, adding:
- “The commission, therefore, disclaims the wrong impression created by the online publication 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 the effective and transparent processes in all its regulatory, management, and financial activities.”
