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NCC Contribute 1.42 Trillion to National Treasury

The Nigerian Communications Commission, NCC, has applauded its N1.42 trillion it contributed to the nations Gross Domestic Product, GDP, in the second quarter of 2017.

Announcing that it had remitted N133bn to the federation account in two years, director of public affairs for the commission, Tony Ojobo said it paid N12,705,154,120 to the consolidated revenue fund on June 30.

He said the NCC had also remitted N1,282,453,138 to the account, less than 10 days earlier.

“In the same vein, the NCC last year, transferred N20,000,598,873 and another N15,000,000,000 in March before remitting N29,475,867,407 and N16,500,000,000 in December of the 2016,” Ojobo said..

“In 2015, however, the commission remitted N23,512,316,450 in October after paying N6,856,182,132 in September of the same year.

“It is noteworthy also that the quarterly contribution of telecom sector to the GDP has been consistently impressive in the last two years.

“Although NCC’s primary role is not to generate revenue for the government, but to nurture and regulate the industry, figures obtained from the commission show impressive remittance of funds to the coffers of the consolidated revenue of the federal government, especially in the last two years.

“The executive vice-chairman and chief executive officer of the commission, Prof Umar Garba Danbatta, recently said that the sector contributed N1.549 trillion to the gross domestic product (GDP) in the second quarter of 2017, representing 6.68 per cent increase from the first quarter of the year (N1.452 trillion).

“The National Bureau of Statistics (NBS) report has confirmed that the telecommunications sector, during the second quarter of 2017, contributed 9.5 percent to the GDP in contrast to 9.1 percent contribution in the first quarter of the year.

“We are very proud of the remarkable contribution the sector is making. Even at the recent times when the whole economy was facing challenges, the sector had remained resilient and stable.”

Ojobo added that the quest for country’s attainment of 30 percent broadband penetration by 2018, has received a major boost as ITU-UNESCO broadband commission for sustainable development confirmed that Nigeria had achieved 21 percent level of penetration from less than 10 percent two years earlier.

Nigeria needs all the money it can get at the moment. Despite a record N7 trillion budget, the impact of government expenditure still eludes most of the populace, and experts have urged the government to spend more to stimulate economic growth.

After a torrid start to the current administration, Nigeria has finally emerged from its worst recession in 29 years. However, the FG and experts believe that more work must be done to increase the growth rate to acceptable levels.

The government has committed itself to pursuing non-oil revenue to boost its finances, but oil still remains the highest revenue generator, while export levels remain low.

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