- Nigerian start-ups lead Africa, grossed $1.37bn in 2021 as FG Approves Bill
By Hillary Asemota
The Senate has approved the sum of N633,393,283,000.00 billion naira as budget for the Nigerian Communications Commission (NCC) for the 2022 fiscal year.
The approval followed the consideration of a report by the Committee on Communications.
Chairperson of the Committee, Senator Olufemi Tinubu (APC, Lagos Central), in her presentation, said out of the approved sum, N86,242,952 was for Recurrent Expenditure; N30,336,144 for Capital Expenditure and N42,445,864 for Special Projects; N466,868,323 was transfer to Federal Government; and N7,500,000 as Transfer to Universal Service Provision Fund.
She explained that Commission’s Revenue of N633.3 billion consists of the Annual Licensing Fees (N1.5 billion); Annual Operating Levy (N124 billion); Spectrum Fees Charges (N450.2 billion); Numbering Plan (N9.5 billion); Administrative Charges (N4.4 billion); Type Approval Fees (N902 million); Sanction Fees (N165 million).
She added that others include: Sundry Income – N5 million, FG Intervention for Broadband Infrastructure – N41.6 billion and Transfer from Reserve – N1 billion.
In a related development, the Senate also on Wednesday approved the sum of N8,824,847,408 billion as 2022 budget for the Universal Service Provision Fund.
Senator Tinubu, in a second presentation, said out of the sum approved, N1,923,760,092 was for Recurrent Expenditure; N357,959,020 for Capital Expenditure; and N6,543,128,296 for Projects and Programmes.
Meanwhile, the Federal Executive Council (FEC) on Wednesday approved the Nigeria Start-up Bill (NSB).
The Bill, according to Ministry of Communications and Digital Economy will consequently be forwarded to the National Assembly for passage into law.
This is coming to the fore even as the Nigerian start-ups are far ahead their African counterparts in innovation, grossing over $1.37 billion in 2021, according to a report authenticated by the Big Deal.
The Technical Assistant on Research and Development in the Ministry Dr. Femi Adeluyi, excitedly informed EXTRAORDINAIRENews.Com, that the Bill was approved at the Council following the presentation of a memo by the Minister of Communications and Digital Economy, Prof. Ibrahim Pantami.
According to him, the NSB is to provide a legal and institutional framework for the development of startups in the country, adding that when eventually passed into law, it will also provide an enabling environment for the establishment, development and operation of startups in Nigeria.