News
NCC denies incurring N17bn deficit in 2021 budget
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.
NCC’s Director, Public Affairs, Dr Reuben Muoka, made this known in a statement on Tuesday in Abuja.
Muoka said that the commission was concerned with the inability of an online publication to accurately interpret the contents of its 2021 Annual Reports which had been made public.
He said, as a result, the publication gave a wrong impression that the commission incurred a N17 billion deficit, saying: ”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 N17.3 billion was a surplus/deficit retained for the period).
“This does not imply that the commission incurred a cash deficit as the expenditures in its financials were both in cash and accruals applicable to the year.
“If the publication had inquired of the constituents of our expenditures, 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
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.
NCC’s Director, Public Affairs, Dr Reuben Muoka, made this known in a statement on Tuesday in Abuja.
Muoka said that the commission was concerned with the inability of an online publication to accurately interpret the contents of its 2021 Annual Reports which had been made public.
He said, as a result, the publication gave a wrong impression that the commission incurred a N17 billion deficit, saying: ”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 N17.3 billion was a surplus/deficit retained for the period).
“This does not imply that the commission incurred a cash deficit as the expenditures in its financials were both in cash and accruals applicable to the year.
“If the publication had inquired of the constituents of our expenditures, 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,” he said.
Mouka said that the commission also remitted an Operating Surplus/Spectrum Fees of estimated N197.7 billion to the Federal Government under the same Financial Performance Reporting period.
He said the cmmission had a bank balance of about N46.97 billion, erasing any doubt that there was any deficit spending.
Mouka added: “The commission, therefore, disclaims the wrong impression created by the online publication 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 the effective and transparent processes in all its regulatory, management and financial activities.”
, being implemented by the commission which was standing in the sum of about N24 billion in the financial report,” he said.
Mouka said that the commission also remitted an Operating Surplus/Spectrum Fees of estimated N197.7 billion to the Federal Government under the same Financial Performance Reporting period.
He said the cmmission had a bank balance of about N46.97 billion, erasing any doubt that there was any deficit spending.
Mouka added: “The commission, therefore, disclaims the wrong impression created by the online publication 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 the effective and transparent processes in all its regulatory, management and financial activities.”
News
FRSC boss, tasks African tax administrators on local solutions
Chairman of the Federal Inland Revenue Service, FIRS, Zacch Adedeji, has challenged tax administrators in Africa to look inwards for local solutions to challenges rather than turning to the Western world for salvation.
Adedeji, according to a statement by his Special Adviser on Media, Dare Adekanmbi, spoke at a three-day council meeting of African Tax Administration Forum, ATAF, hosted by FIRS and held in Lagos.
Headquartered in Pretoria, South Africa, ATAF is an international organisation established in 2009 to provide a common platform for African tax administrators to build capacity, achieve revenue objectives and advance the role of taxation in African governance and state building.
The FIRS chairman, who is the President of the Commonwealth Association of Tax Administrators, CATA, said practicable solutions to address the challenges confronting the continent, particularly in the area of local resource mobilisation, could “only come from wearers who know where the shoe pinches”.
Adedeji urged member countries to take ATAF matters seriously and abide by the rules set.
He stressed that the success of continental body depends on collective efforts to showcase the best Africa has to offer.
“The problem of Africa can only be sincerely solved by Africans. I charge you all to redouble efforts to make sure we prioritise the activities of ATAF.
“In Nigeria, we are giving you our commitment that we will prioritise anything that has to do with ATAF, recognising that solutions to our challenges reside with us in Africa. Nobody can tell our stories better than ourselves. We cannot continue to rely on solutions from platforms that are not indigenous to us.
“We must ensure the sustainability of the organisation and uphold the tenets of ATAF founding agreement and rules and be committed to abiding by them in our decision-making processes.
“The management of the secretariat is also vital to the success of the organisation, and we must prioritise the process of a smooth transition in this meeting, as the term of the current Executive Secretary comes to an end in March 2025 when Mr Logan Wort will have served for 16 years of meritorious efforts. Nigeria joins the rest of ATAF members to applaud and honour Mr Wort,” the FIRS chairman said.
News
FX crisis: Nigerian Govt to delist Naira from peer-to-peer platforms
The Federal Government has disclosed plans to delist the Naira from all peer-to-peer, P2P, platforms.
The Director General of the Securities and Exchange Commission, Emomotimi Agama, disclosed this during a virtual meeting with blockchain stakeholders on Monday.
This decision aims to tackle the manipulation of the local currency’s value in the foreign exchange market.
The country’s regulatory authorities have been investigating and scrutinising cryptocurrency exchanges in recent months.
On March 8, the biggest cryptocurrency exchange, Binance, stopped its Naira services.
News
No plan for foreign military base establishment – FG
-
capital market2 years ago
Rt.briscoe, FBNH, Others halts negative performance of stock market
-
Finance3 months ago
Court orders Sen. Victor Umeh to repay N136m bank debt to AMCON
-
Abuja Update2 months ago
UNDP, FG partnership needed to achieve inclusion, equity- Minister
-
Abuja Update1 month ago
Banks drive stock market performance with N147bn gain
-
Business2 weeks ago
Tingo Group unveils Tingo Electric, Tingo Cola drink at Lagos launch
-
Health3 weeks ago
Capacity training will reduce migration of health workers- NPHCDA
-
News4 months ago
Oil thieves sponsoring malicious media campaign against Navy – Spokesman
-
Infotech1 month ago
World Backup Day: NITDA urges Nigerians to ensure backup of data