Abuja – The Nigerian Communications Commission (NCC) refuted the allegation, saying it had a N17 billion deficit and spent N35.2 billion on staff and consultant expenses in 2021.
On Tuesday, NCC director of public affairs Reuben Muoka stated the online media (not Sundiata Post) misinterpreted its 2021 annual report.
NCC Budget Deficit 2021
The Nigerian Communications Commission, NCC, has noticed an online article headlined “NCC Incurs a Deficit of N17bn, Spending N35.2bn on Staff and Consulting Fees”.
The Commission is worried that online publishing cannot appropriately interpret its 2021 annual reports. The newspaper incorrectly said that staff and consulting costs cost the Commission N17 billion. It’s false.
The Commission’s Statement of Financial Performance for the period ending December 2021 shows that N17.3bn was a “surplus or deficit retained for the period,” yet its expenditures were both cash and accruals.
If the media had inquired about our spending, it would have learned that the 2021 expenditures included accruals for goods undergoing procurement at the end of the year, like the Commission’s State Accelerated Broadband Initiative, SABI, which was valued at N24bn in the financial report.
Within the same financial performance reporting period, the Commission paid an estimated N197.7 billion in operational surplus and spectrum fees to the Federal Government and had a bank balance of N46.97 billion, dispelling any doubts regarding deficit spending.
Hence, the Commission denies the public’s and stakeholders’ misreading of our financial report caused by the aforementioned title.
The Commission commits to efficient and transparent regulatory, managerial, and financial procedures.
Signed:
Reuben Muoka
PR Director
