TheCable

The Nigerian Communication Commission (NCC) says it plans to generate N500 billion as revenue for the federal government from the auctioning of two 5G spectrums in 2023.

According to NAN, Umar Danbatta, the executive vice-chairman, NCC, said this at an interactive meeting on 2023-2025 MTEF-FSP, organised by the senate committee on finance on Monday in Abuja.

Danbatta said the commission had initiated the bidding process for auctioning the 5G spectrums.

He said the NCC generated N257 billion in the first quarter of 2022, adding that N195 billion out of the amount has been remitted to the government.

He added that from April to August, N318 billion was generated by the NCC, out of which N214 was remitted.

“The fund realised was occasioned by the auctioning of two 5G spectrums at the rate of N263 million and N273 million,” he said.

“We also had from 2017 to 2021 also generated N799 billion and remitted N423 billion to the government.”

Danbatta further said the broadband penetration in Nigeria stood at 44 percent, with the target to hit 75 percent penetration in 2025.

He said the commission was hopeful of achieving 50 percent penetration by the end of 2022.

According to Danbatta, about 150 million Nigerians have access to the internet, and over 80 million have access to high-speed internet.

On his part, Solomon Adeola, chairman of the committee, applauded the effort of the commission.

Adeola said the revenue generated from the commission will go a long way to help reduce the deficit proposed in the 2023 budget.