03 February 2023
The Nigerian Communications Commission (NCC) has set its financial year 2023 budget at 559 billion naira. Approved by the Senate, this financial allocation should help stimulate the continued growth of the telecommunications sector.
Of the total amount of N559 billion, N86.7 billion is for recurrent expenditure, N5.2 billion for capital expenditure, N35 billion for special projects and N16 billion for the benefits fund universal service (USPF). The remaining N416 billion will be transferred to the Federal Government on 31 December 2023.
The 2023 budget is less than the 633.3 billion naira that was allocated to the telecommunications regulatory authority for the financial year 2022.
The new budget should make it possible to accelerate the development of the information and communication technology (ICT) sector and increase its contribution to the national economy. According to figures from the National Bureau of Statistics (NBS), the ICT sector contributed 15.35% to Nigeria’s real gross domestic product (GDP) in the third quarter of 2022.
The 2023 budget includes plans for the deployment of 5G, which will provide greater network flexibility and result in a better quality of service and experience for consumers.