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2023 Budget: FG To Spend Sum Of N500.4M On Acquisition Of NigComSat-2

2023 Budget: FG To Spend Sum Of N500.4M On Acquisition Of NigComSat-2

2023 Budget: FG To Spend Sum Of N500.4M On Acquisition Of NigComSat-2

2023 Budget: FG To Spend Sum Of N500.4M On Acquisition Of NigComSat-2

A second satellite for the nation will cost the federal government N500.4 million to purchase. The ongoing NigComSat-2 project would be the Nigeria Satellite Company’s primary project in 2023. According to the 2023 Appropriation Bill that President Buhari presented last week.

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N3.3 billion was allocated for the project in the current year’s 2022 budget, which is still being implemented.

The country’s current satellite, NigComSat-1R, which was launched in 2011 has a life span of 15 years, meaning that it has four years left, even as stakeholders continue to lament the underutilization of the multi-billion naira facility. 

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2023 Budget: FG To Spend Sum Of N500.4M On Acquisition Of NigComSat-2

Aside from the new satellite project, the satellite company will also next year spend N105 million on the provision of satellite broadband and rural connectivity, while the sum of N168 million is to be spent on the upgrade of its ground station. 

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According to the 2023 Appropriation Bill, the satellite company is to draw the sum of N4.5 billion from the national purse next year. Out of this amount, N3 billion, is for recurrent expenditure, covering payment of salaries and wages of the company’s staff for the year. The remaining N1.5 billion is for capital projects. 


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