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Nigerian government projected to earn N500 billion from the 5G spectrum

The National Communication Commission estimates that the 5G spectrum will produce more than N500 billion ($1.158 billion) for the Federal Government of Nigeria in 2023.

The Senate Committee on Finance hosted an interactive meeting on the 2023–2025 MTEF–FSP. Prof. Umar Danbatta, the NCC’s executive vice chairman, delivered the above projections there.

The Executive Vice Chairman disclosed the anticipated revenue from the auctioning of two 5G spectrums as well as the bidding procedure for the spectrums’ 2023 auction.

Speaking further on the matter, he said that the NCC’s forecasts were based on information it had recently learned about its revenue. In the first quarter of 2022, NCC generated N257 billion, of which N195 billion was sent to the government’s coffers, he revealed.

Prof. Umar Danbatta further mentioned that N214 was sent in whereas N318 billion was earned between April and August. He pointed out that the secured fund was made possible by the sale of two 5G spectrums for N263m and N273m.

“From 2017 to 2021, the NCC generated N799 billion and sent N423 billion to the government. In 2025, a 75% penetration rate was the goal. By the end of 2022, we hope to have 50% penetration. The Executive Vice Chairman said.

Provisions have been provided, according to Prof. Umar Danbatta, for reporting emergencies. To this end, he advised Nigerians to phone the 112 emergency hotline to report emergencies like fire outbreaks and accidents, among other things, and the toll-free number 622 to file complaints about dropped calls.

Additionally, NCC produced N799 billion between 2017 and 2021 and sent 423 billion to the government. The NCC had earlier anticipated that the sale of two 5G spectrums would bring in N500 billion. This objective has been accomplished.

Prior to the N500 revenue, the Committee’s Chairman, Senator Solomon Adeola, stated that the anticipated NCC revenue in 2023 will contribute to reducing the deficit outlined in the budget for that year (NAN).

Reaching milestones is important since the NCC wants to boost internet penetration in Nigeria from 44% to 75% by the year 2025.

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