FG to spend $550m on satellites – Minister

FG to spend $550m on satellites – Minister

The Minister of Communications, Barrister Adebayo Shittu, has said Nigeria was expending $550 million on two back-up satellites to put an end to capital flight.

He also explained that a dedicated account had been opened for the fine imposed on MTN in Central Bank of Nigeria, since the money was not NCC’s to keep, adding that the government was satisfied with the process.

Shittu, who spoke while fielding questions from newsmen at the end of the 4th regular meeting of the National Council on  Communication Technology in Kaduna weekend, said: “If you know the amount of data that goes out in keeping Nigeria’s data in foreign satellites, it runs into billions of dollars. So, if we can do the needful, we need just about $550 million to acquire two new satellites. Read more

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