FG Earned $547m from the Sale of 5G Spectrum – President Buhari

According to President Muhammadu Buhari, the sale of fifth-generation (5G) spectrum brought in approximately $547 million for the Federal Government.

During the official opening of the National Shared Services Centre (NSSC) in Abuja on Tuesday, Buhari made this statement.

The NSSC houses a cybersecurity operations center, network center, and call center in addition to being a one-stop shop for ministries, departments, and agencies (MDAs) to interact with citizens.

Speaking during the opening, Buhari noted that in addition to the proceeds from the sale, the 5G spectrum may be used as another source of funding for infrastructure.

He also praised the sector’s contributions to the nation’s economic growth, job creation, and tax generation.

According to Buhari, the NSSC would offer services that are “swift, secure, and frictionless.”

He continued by saying that the information, communication, and technology (ICT) industry had advanced the economy’s diversification and contributed an unprecedented 18.44 percent of the GDP, or over three times as much as the 6.33 percent the oil sector generated in the second quarter of 2022.

Recall that the Nigerian Communications Commission last December, offered a 3.5GHz spectrum to MTN Nigeria Communications Plc and Mafab Communication to support their 5G rollout. Since NCC awarded the 5G spectrum, MTN has launched its 5G network in selected locations while Mafab is yet to roll out its 5G network.

After winning the 3. 5 GHz spectrum auction, MTN Nigeria and Mafab Communications Limited paid the entire $273.6 million each for a 5G spectrum license in February 2022.