NCC Debunks Rumour of Incurring Deficit in 2021 Budget

The Nigerian Communications Commission, NCC has dismissed a misleading and confusing article published by an online publisher that alleged the commission had a deficit of N17b in personnel and consultancy fees in the 2021 budget. The NCC promptly clarified that the publisher did not conduct proper research and fact-checking before publishing the story as public information.

In a press statement by the Nigerian Communications Commission Director of Public Affairs, Reuben Muoka, he says that “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.”


“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.”

Leave a Reply

Your email address will not be published.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

Next Post

MultiChoice Increases Prices Due to Nigeria’s Rising Inflation

Wed Apr 26 , 2023
  MultiChoice Nigeria, a satellite TV provider has announced a surge in the prices of its DStv and GOtv packages via text message to its subscribers which is in response to Nigeria’s rising inflation. In an internal memo, the Company said “Due to the various economic challenges impacting our business […]

You May Like