The Nigerian Communications Commission (NCC) has denied incurring a deficit of N17 billion by allegedly spending N35.2 billion on personnel costs and consultancy fees.

The NCC made this known via a statement issued on Tuesday, April 25, by its spokesperson, Dr Reuben Muoka.

Muoka, who expressed concern over the inability of an online publication to accurately interpret the contents of the NCC’s 2021 annual reports which had been made public, said the publication gave a wrong impression that the commission incurred a N17 billion deficit.

“This is far from the truth. Though the statement of the Financial Performance of the Commission for the period ended December 2021, clearly indicates that the sum of N17.3bn was a ‘Surplus/(Deficit) retained for the period)’, this does not imply that the Commission incurred a cash deficit as the expenditure in its financials were both in cash and accruals applicable to the year.

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“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 N24bn in the financial report,” he noted.

Mouka stated that the NCC also remitted an Operating Surplus/Spectrum Fees of estimated N197.7 billion to the Federal Government under the same Financial Performance Reporting period.

The NCC spokesman said the commission also had a bank balance of about N46.97 billion, which erased any doubt that there was any deficit spending.

“The Commission, therefore, disclaims the wrong impression created by the above headline, and subsequent misinterpretation of our financial report in the publication may have had in the minds of the public, and stakeholders.

“The Commission reiterates its commitment to effective and transparent processes in all its regulatory, management, and financial activities,” Muoka stressed.

The Star