The Nigerian Communications Commission has told the House of Representatives Committee on Telecommunications that it generated and remitted N344.71bn to the Consolidated Revenue Fund of the Federal Government in the last five years
NCC’s Executive Vice Chairman, Umar Danbatta, stated this while briefing the committee members, who were led by their Chairman, Akeem Adeyemi, during a legislative oversight visit to the commission in Abuja.
He said the telecoms sector’s contribution to Gross Domestic Product increased from 8.5 per cent in 2015 to 14.30 per cent as of the second quarter of 2020.
Danbatta explained that in financial value, the 14.30 per cent translated to N2.27tn in the second quarter.
He also stated that telecoms investment grew from around $38bn in 2015 to over $70bn currently.
Danbatta said the NCC was promoting financial inclusion by encouraging the Mobile Network Operators to actively participate in providing financial services towards actualising the Federal Government’s 80 per cent financial inclusion target by 2020.