By Cynthia Ezekwe

The house of representatives has approved a N559 billion 2023  fiscal budget for the Nigerian Communications Commission (NCC), following the consideration and adoption of the telecommunications committee report.

The approval took place during a plenary section presided by Idris Wase, deputy speaker of the house of representatives.

Akeem Adeyemi, chairman of the committee who read the report , gave a breakdown of the money that was approved by the House of Reps.

According to him, out of the N559 billion, the sum of N86.7 billion was for recurrent expenditure, N5.2 billion was for capital expenditure and the sum of N35 billion  was for special projects.

Adeyemi also explained that the sum of  N16 billion was allocated for transfer to the Universal Service Provision Fund(USPF),while N416 billion would be transferred to the federal government for the period ending December 31 2023.

The report stated:  ‘’Issuance from the Statutory Revenue Fund of the Nigerian Communications Commission,’’  the total sum of N559,080,711,000 only of which the sum of N86, 752,963,000.00 only is for recurrent expenditure, while the sum of N5, 224,501, 000. 00 only is for capital expenditure; the sum of N35,089,649 000 only is for special project, while the sum of N16,000,000,000 only is for transfer to the Universal Service Provision Fund (USPF), N416, 013, 598, 000.00 only will be transferred to the Federal Government of Nigeria, and the sum of N16,000,000,000 only is for the Budget of the Universal Service Provision Fund (USPF) for the period ending 31 December, 2023.”