May 20, 2024
We did not incur N17bn deficit in 2021 — NCC
– By Godswill Odiong

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

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

In a statement obtained by The Daily, www.thedaily-ng.com, the NCC, stated: “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 an 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.

“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.”

It added: “The Commission reiterates its commitment to effective and transparent processes in all its regulatory, management and financial activities.”

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Copyright @ TheDaily. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheDaily

Leave a Comment

Your email address will not be published. Required fields are marked *

📰 Subscribe to our Newsletter

Scroll to Top