Nigeria received over N344.71 billion in earnings from the telecoms industry over the last five years, according to the industry regulator.
Professor Umar Garba Danbatta, Executive Vice Chairman of the Nigerian Communications Commission (NCC), says the telecoms agency’s contributions to the Consolidated Revenue Fund (CRF) topped N344.71 billion in the last five years to boost the Federal Government’s revenue drive.
The NCC chief gave this insight while briefing the House Committee on Telecommunications led by Chairman, Prince Akeem Adeyemi, during a legislative oversight function on the Commission in Abuja on Wednesday, October 28, 2020.
“Through the support of the lawmakers, especially the House of Representatives Committee on Telecommunications, which the NCC leadership has worked with in the last five years, the Commission has been able to generate and remit N344.71 billion to Federal Government Consolidated Revenue Fund (CRF) from spectrum fees and operating surplus,” Danbatta says.
Telecoms sector’s contribution to Gross Domestic Product (GDP) increased from 8.5% in 2015 to 14.30% by Q2 2020. In financial value, the 14.30% translates to N2.272 trillion in Q2 2020, while telecoms investment grew from around $38 billion in 2015 to over $70 billion by current estimates, the NCC chief says.
Telecoms sector’s contribution to Gross Domestic Product (GDP) increased from 8.5% in 2015 to 14.30% by Q2 2020. In financial value, the 14.30% translates to N2.272 trillion in Q2 2020, while telecoms investment grew from around $38 billion in 2015 to over $70 billion by current estimates, the NCC chief says.– Professor Umar Garba Danbatta, Executive Vice Chairman of the Nigerian Communications Commission (NCC).
NCC is promoting financial inclusion by encouraging the Mobile Network Operators (MNOs) to actively participate in providing financial services towards actualising FG’s 80% financial inclusion target by 2020.
Through the collaboration of critical stakeholders as the National Assembly, NCC was able to increase broadband penetration from 6% in 2015 to 45.43% by September 2020, while basic active internet subscription grew from 90 million to 143.7 million.
“Between 2015 and September, 2020, active voice subscription has increased from 151 million to 205.25 percent million with a teledensity standing at 107.53 percent as at end of September, 2020. We are also empowering and protecting the consumers and ensuring we are able to sanitise the industry of improperly-registered Subscriber identification Module (SIM) cards through our impartial regulatory approach,” Danbatta tells the lawmakers.
To deepen their collaboration, the regulator wants the lawmakers to address key imperatives like speedy passage of the Commission’s budget; enhancing mutual working relationship and knowledge transfer sessions/capacity building for Committee members for better understanding of the workings of the Commission and the industry.
On his part, Adeyemi says the oversight function was in line with relevant sections of the Nigerian 1999 Constitution, as amended that empowers the House to carry out its role of checks and balances on the executive arm of government under which the NCC, as a Federal agency, falls.