This according to the source is being considered because of the implications of moving out the cash from the financial system.
Details of the payment will soon be worked out by the government and the company.
But the government has said that it will not waive off the fine because the MoU signed by MTN is explicit on sanctions for infractions.
The Nigerian Communications Commission (NCC) imposed the fine on MTN, which it accused of failure to deactivate 5.2million unregistered SIM users.
MTN has till the end of today (Monday) to pay the fine or face tougher sanctions.
According to sources, there were high-level interventions with the Presidency by the South African government, MTN shareholders and many prominent Nigerians who had fostered a binational commission between Nigeria and South Africa.
One of such interventions was said to have yielded results at the weekend, leading to a concession by the Presidency.
A source said: “Representations were made to President Muhammadu Buhari. And the high- level talks were far-reaching.
“The government has accepted staggered payment of the $5.2billion in order not to hurt the nation’s economy.
“The government is also mindful of job losses and displacements, if the huge fine is paid at once by the company.
“We are being careful of insinuations that the new administration is trying to drive investors away from the country. Those behind these allegations do not know that the law on the fines had been there.
“What is clear is that the government will not waive off the fine but it will accept payment by installment.”
The Minister of Communications, Mr. Abdul-Raheem Adebayo Shittu, at a dinner in his honour by his friends said there was no going back on the fine.
He said: “Every country has its laws and regulations and once you violate those laws, you pay what you are supposed to pay.
“The regulatory authorities fined them and I don’t think they are challenging that fine, so I don’t think I have any role to play other than ensuring that that regulation is enforced to the letter.
“The interest of Nigeria is most important. I am aware that MTN operates in about 18 countries, but from Nigeria alone, they make more than 50 per cent of their profit. So, I don’t think they are going to complain about the fine because they know that they have violated Nigeria’s laws and they know that effect follows cause.
“So, something has happened, consequences have arisen and the rule of law requires that you obey.”
Corporate Services Executive at MTN Nigeria Akinwale Goodluck, confirmed that the firm has not paid the fine, adding that it was still engaging with the relevant stakeholders in the industry with a view to resolving the issue.
“”We are still talking with the NCC. Hopefully, we will get a resolution to the problem. All I can tell you is that we are engaging with the NCC,” he said on telephone yesterday in Lagos.
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