Nigeria's government collected $547 million from selling the 5G spectrum to MTN Nigeria and Mafab Communications, Ripples Nigeria online newspaper reported, citing President Muhammadu Buhari. 

MTN Nigeria, Mafab Communications and Airtel had bid for a 5G 3.5GHz band spectrum in December 2021, with a reserve price of $197.4 million. A fierce auction among the three companies prevailed for 11 rounds, driving the price to $273.6 million for each 5G license. 

The revenue from the 5G auction will rise to $820.80 million, as the Nigerian Communications Commission has issued another license to Airtel Africa, the newspaper said. 

In September, the President approved the suspension of the proposed 5% excise duty on telecommunications services. 

"Going ahead with the taxation would have inflicted untold hardship on the populace," he added. 

(Editing by Cleofe Maceda; Cleofe.maceda@lseg.com)