NCC Generates N575bn Revenue From 5G In Eight Months, Targets Additional N500bn In 2023
The Federal Government will likely earn N500bn from 5G spectrum auctioning in 2023, the National Communication Commission has said.
This was revealed by the Executive Vice Chairman of the NCC, Prof.Umar Danbatta, during the 2023-2025 Medium Term Expenditure Framework-FSP, organised by the Senate Committee on Finance.
The NCC boss in his comment disclosed the N500bn revenue would come from the auctioning of two 5G spectrums and the bidding process for auctioning of the spectrums in 2023.
According to Danbatta, the Commission between January to March, 2022 generated N257bn.
Out of the amount, N195bn was remitted to the Federal Government.
He said between April to August, 2022, a total of N318bn was generated by the NCC as N214bn was remitted to FG.
In the eight months of 2022, the Commission generated N575bn.
This was made possible through the successful auctioning of the 3.5 Gigahertz spectrum licenses, according to Danbatta.
Nigeria auctioned 3.5 Gigahertz (GHz) spectrum licenses won by MTN and Mafab Communication back in 2021.
Both successful bidders paid $563.1m in February, the NCC had disclosed.
Both companies paid $273.6m each for the 5G Spectrum license.
MTN paid additional $15.9m as the bidding sum it offered at the assignment state of the spectrum auction to help it secure its preferred Lot 1 (3500-3600 Megahertz-MHz) in the 3.5Ghz spectrum.
He said, “The NCC from 2017 to 2021 had also generated N799bn and remitted N423bn to the government.
“The target was to hit 75 per cent penetration in 2025. Hopefully, we will achieve 50 per cent penetration by end of 2022.”