The Nigerian Communications Commission (NCC) has denied incurring N17 billion deficits in its 2021 budget as claimed in some quarters.
The commission also debunked that it expended the sum of N35.2 billion on personnel and consultancy fees within the period.
A statement by the commission expressed dismay at the failure of some sections of the media to accurately interpret the contents of its 2021 Annual Reports, which was made public.
The commission emphasized that the financial performance of the commission for the period ended December, 2021, clearly indicated that the sum of N17.3 billion was a “Surplus/(Deficit) retained for the period),”reiterating that this did not imply that the commission incurred a cash deficit.
It said the expenditure in its financials were both in cash and accruals applicable to the year.
The statement added: “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 N24 billion in the financial report.”
The statement further explained that it also remitted an operating surplus/ spectrum fee of estimated N197.7 billion 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 reiterated its commitment to effective and transparent processes in all its regulatory, management and financial activities.
