NCC clarifies reports of N17bn deficit in 2021 budget

The Nigerian Communications Commission (NCC) has dismissed an online publication claiming that it incurred a deficit of N17billion in its 2021 budget.

According to the publication, the NCC spent N35.2billion on personnel and consultancy fees, leading to the deficit.

However, in a statement, the Director of Public Affairs, NCC, Reuben Muoka, said: “The Commission incurred a surplus/(deficit) of N17.3billion for the period ended December 2021, but 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.”

Muoka explained that the expenditures for the year 2021 included accruals for items undergoing procurement at the end of the year, such as the State Accelerated Broadband Initiative (SABI), which was standing in the sum of about N24billion in the financial report.

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

“The Commission 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,” Muoka stated.

The NCC said it remains committed to effective and transparent processes in all its regulatory, management, and financial activities.