Our Reporter

Most tertiary institutions are not self-sufficient because their internally generated revenue (IGR) is not properly accounted for, Chief Operating Officer of an e-solutions firm, Payment Technology Limited (Paytech), Adetunji Osho, has said.

Osho said Paytech, an innovative e-solutions provider with a focus on assisting ministries, departments and agencies (MDAs) to convert all their cash-intensive operations to a cashless platform, can help tertiary institutions to block revenue leakages.

The Paytech chief said a consultancy agreement with the Lagos State government on revenue collection automation in its tertiary institutions is not a revenue collection drive but a central e-monitoring tool.

He said: “The aggressive plugging of revenue leakages that our platform has provided has enabled state governments to increase their revenue through savings made from subventions.

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“These savings can be diverted to other critical infrastructural and developmental needs for the benefit of the populace.”

Osho said Paytech implemented the platform within 10 tertiary institutions in Ogun State between 2012 and 2018, which he claimed increased collection by over 50 per cent within a year, and is currently providing the same service to other states’ tertiary institutions.

“Our platform clearly shows that IGR collection and management can end the Academic Staff Union of Universities (ASUU) strikes, as enough money is collected as IGR from state tertiary institutions. States can do proper budgeting on a scientific and accurate basis.

“The IGR is automated via our platform directly into the tertiary institution’s bank account in accordance with the settlement mandate issued to Paytech.

“We capture the transaction and switch/automate it to the tertiary institution’s bank account. Only the tertiary institution has access to the IGR automated via our platform. The state supervising authority merely has viewing access to see what comes in only,” Osho said.