Within the period of January 1 and May 31, 2021, the Nigerian Communications Commission (NCC) recorded an increase of over 400 percent in revenue budget performance in respect of spectrum fees.¹ The NCC exceeded its N36 billion projected revenue with over N150 billion within the five months. This has been as a result of effective regulatory regimes effected over the years and a major contribution to the Federal Government’s revenue drive and generation. There have also been advancements in the nation’s telecoms industry and improved operations of licenses leading to expansion in economic output. Towards the end of 2020, the NCC announced that N344.71 billion was generated and remitted by the Commission, to the government’s Consolidated Revenue Fund (CRF) in the last five years. While the NCC stands out as a profitable government agency, careful consideration should be taken in order to avert the overregulation of telecom providers. Such excessive regulation could dissuade private investors from the sector and have adverse effects on the industry’s profits.