The Senate Approves N27.8 Billion Budget of the Nigerian Communications Commission

Mergers, Acquisitions and Financial Results

The Senate yesterday approved the 2008 budget of N27.845 billion, for the Nigerian Communications Commission (NCC).

Both revenue and expenditure projections stood at N27.845 billion.

Senate Committee on Communication, in the report presented to the Senate for consideration, said the NCC had proposed to spend exactly the total revenue of N37.845 generated.

Chairman of the Committee, Senator Sylvester Anyanwu, explained that "a re-calculation of the revenue line items showed that there was typographical error, with respect to the projected revenue for Licensing Fees.

"Whereas, NCC projected N1, 345,981,000.00, the submission from the Presidency indicates N11, 345,981,000.00, thereby inadvertently creating a surplus of N10, 000,000,000.00."

The budget, as approved, comprised N3.71 billion recurrent expenditure, N9.58 billion capital expenditure and N3.4 billion for special projects.

The commission would make a total N1.1billion contribution to the National Treasury, which the Committee said was above and beyond the N4.280 billion statutory transfer on the auction of spectrum frequencies.

The Commission was expected to transfer N6.1 billion to Universal Service Fund; and N1.5 billion to Investment Fund.

Under the Capital Expenditure, the sum of N720.15 million would be spent on Internal Capital Projects while N4.6 million would go into the funding of the Digital Bridge Institute.

While N2.500 billion would be spent on the construction of DBI Hostel in Abuja, N2.108 billion would be expended on the DBI institutes in Lagos and Kano.

N1.6 billion would be spent for the establishment of some Emergency Communication Centres while N2.6 billion was earmarked for School Support Programme by the NCC.

This Day