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Nigeria targets N500bn revenue from 5G spectrums auctioning | File Photo

Nigeria targets N500bn revenue from 5G spectrums auctioning

ABUJA, Nigeria (The Informant247) – Nigeria plans to generate over N500 billion as revenue from the auctioning of two 5G spectrums in 2023, officials said on Monday.

Vice-Chairman of Nigerian Communication Commission(NCC) Prof. Umar Danbatta during an open interactive session with lawmakers said that the commission had already initiated the bidding process for auctioning of the spectrums.

He said that NCC generated N257 billion in the first quarter of 2022, saying N195 billion out of the amount has been remitted to government coffers.

Danbatta said from April to August, N318 billion was generated by the NCC, out of which N214 was remitted.

According to him, the fund realised was occasioned by the auctioning of two 5G spectrums at the rate of N263 million and N273 million dollars.

He said NCC from 2017 to 2021 has also generated N799 billion and remitted 423 billion to the government.

On broadband penetration in Nigeria, he said it stood at 44 per cent, saying that about 150 million Nigerians have access to the Internet, with over 80 million having access to high-speed internet.

According to him, the target was to hit 75 per cent penetration in 2025.

He said the commission was hopeful of achieving 50 per cent penetration by the end of 2022.

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