NCC disclaims N17 billion deficit report

The Nigerian Communications Commission (NCC) has disclaimed a report insinuating that it incurred a deficit of N17 billion by allegedly spending N35.2 billion on personnel costs and consultancy fees in 2021.

NCC's Director of Public Affairs, Reuben Muoka in a statement issued on Tuesday said 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, as a result, the publication gave a wrong impression that the commission incurred a N17 billion deficit, saying: ”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.
• “If the publication had inquired of the constituents of our expenditures, 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 N24 billion in the financial report,” he said.

Nuoka said that the Commission also remitted an Operating Surplus/Spectrum Fees of estimated N197.7 billion to the Federal Government under the same Financial Performance Reporting period.

He said the Commission had a bank balance of about N46.97 billion, erasing any doubt that there was any deficit spending.

• “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,” he added.