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Tag: revenue

  • NEC moves to boost non-oil revenue, sets up panel on legacy projects

    NEC moves to boost non-oil revenue, sets up panel on legacy projects

    The National Economic Council (NEC) has resolved to deepen engagement with stakeholders to boost non-oil revenues in line with the economic blueprint of the administration of President Bola Ahmed Tinubu.

    Chairman of the Council, Vice President Kashim Shettima, called for an accelerated transition from oil to a non-oil economy through competitive manufacturing, export diversification and private sector investment.

    According to a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, the Council also approved the constitution of a committee on the implementation of the President’s directive on the actualisation of legacy projects. 

    The committee is to be chaired by the Governor of Cross River State, with one Governor from each sub-region as members: North West (Sokoto), North East (Gombe), North Central (Niger), South East (Abia) and South West (Lagos).

    The Permanent Secretary of the Ministry of Budget and Economic Planning, Deborah Odoh, will serve as secretary to the committee, while the Ministers of Works and Transportation will also be members.

    NEC’s decisions were taken on Thursday during its 156th meeting and first of the year, held virtually, following a presentation on the economic priorities for 2026 by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

    The presentation highlighted key reforms implemented by the Tinubu administration, including targeted programmes that have removed distortions in the system, stabilised the economy and placed Nigeria on the path of sustained recovery and prosperity. 

    It also reflected the country’s current global recognition, which is reinforcing investor confidence in an economy projected to grow at 4.68 per cent in 2026.

    According to the minister, key priorities include maintaining Nigeria’s economic competitiveness through sound governance, improving the availability and affordability of food, ensuring human capital development with improved social protection, and the timely payment of debt service, salaries and pensions.

    In its resolution, NEC noted and commended the Federal Government’s plans to unlock rapid and sustained job-rich growth, high-quality jobs and entrepreneurship opportunities. 

    The Council also resolved to dedicate a special session to address salient issues in the country’s food security efforts, particularly those affecting agricultural productivity.

    In his opening remarks, Vice President Shettima observed that while “global powers assert their interests with renewed confidence, commodity markets will remain volatile,” with oil prices, exchange rates and capital flows continuing to frustrate national policies. 

    He noted that the current economic reality has reinforced the urgency of fiscal risk management and the need to reduce Nigeria’s economic and revenue exposure to oil.

    According to him, the non-oil economy has emerged as the backbone of Nigeria’s growth story, accounting for about 96 per cent of the country’s GDP and expanding at about four per cent.

    “Services, agriculture, and other non-oil sectors are increasingly carrying the weight of the economy. More importantly, non-oil revenues now contribute nearly three-quarters of total government collections.

    “This marks a significant, if gradual, departure from our historic dependence on volatile oil receipts. The task before us is to deepen this transition through competitive manufacturing, export diversification, and private sector investment,” he said.

    The Vice President, who chairs NEC, acknowledged that although it was the Council’s first meeting for 2026, the consequences of the choices made in the previous year demand coherence, courage and consistency in the new year.

    “This moment in our journey calls for neither triumphalism nor despair. What it calls for is perspective. The Nigerian economy has travelled a difficult road over the past year, but it has not travelled it without progress,” he pointed out.

    Noting that the economy recorded significant growth in 2025, Senator Shettima attributed the performance to the visionary leadership of President Tinubu.

    “In 2025, our economy expanded by 3.9 per cent, the fastest rate of growth in over a decade. Quarter by quarter, this momentum was evident: growth strengthened from 3.13 per cent in the first quarter to 4.23 per cent in the second, before settling at 3.98 per cent in the third.

    “This is the outcome of hard decisions taken in difficult circumstances, and this is not a surprise with a visionary like His Excellency, President Bola Ahmed Tinubu, leading the charge,” he said.

    He cautioned, however, that acceleration of growth must not be confused with adequacy, stressing that “a growth rate of 3.9 per cent, while encouraging, is not sufficient to decisively reduce poverty, generate jobs at the scale our population demands, or lift per capita incomes in a way that ordinary Nigerians can feel.

    “With population growth at about 2.6 per cent annually, this rate of expansion leaves us with little room to absorb inflationary pressures or external shocks. Our ambition, therefore, must be higher,” he added.

    As part of other deliberations, the Accountant-General of the Federation briefed the Council on account balances as at January 14, 2026, showing the Excess Crude Account at $535,823.39, the Stabilisation Account at ₦64.65 billion and the Natural Resources Account at ₦97.37 billion.

    Council was also briefed on the implementation of President Tinubu’s directives on the Lagos-Calabar and Sokoto-Badagry Super Highways. 

    It was recalled that the President addressed NEC at its 150th meeting on July 31, 2025, underscoring the need to properly manage setbacks along the corridors to create investments and economic activities. 

    The NEC Secretariat, interfacing with the Office of the Secretary to the Government of the Federation, was informed that the process had commenced and is being overseen by the SGF’s office, while the Office of the Surveyor-General of the Federation has been moved to the Presidency in compliance with the directive.

    On the new World Bank-Nigeria Country Partnership Framework, the World Bank Group outlined its support for Nigeria’s development goals, emphasising a shift to national programmes implemented at the state level and result-based financing to achieve impact at scale. 

    The presentation highlighted the “First 2,000 days” agenda, focusing on early childhood development, stunting reduction and human capital investment, and set out actions for 2026, including the development of a national, state-driven Early Years programme and alignment of budgets with emerging priorities.

    Council lauded the proposed framework and resolved to work closely with the World Bank in implementing President Tinubu’s Renewed Hope Agenda, committing institutional support to the initiative.

    An update on Nigeria’s tax reform laws was also presented by the Presidential Fiscal Policy and Tax Reforms Committee, outlining efforts to address inequity, fix a fragmented and regressive tax system, and promote shared prosperity. 

    Council directed the committee to prepare a comprehensive brief for NEC’s conference in February to prepare sub-national governments for robust implementation and resolved to deepen engagement on the new tax regime.

  • New revenue system to eliminate leakages, boost transparency’

    New revenue system to eliminate leakages, boost transparency’

    The federal government has launched a new technology-driven revenue system, the Revenue Optimisation and Assurance Project (REVOP), an initiative designed to redefine how the nation tracks, collects, and manages its public finances.

    It also launched the Federal Treasury Receipt (FTR) a groundbreaking reform that provides a single, standardised, and digitally verifiable proof of all payments made into the Federal Government account.

    The FTR ensures that every government-issued receipt directly corresponds to funds received into government accounts.

    The initiative was championed by the Federal Ministry of Finance, in collaboration with the Office of the Accountant-General of the Federation (OAGF), the Central Bank of Nigeria (CBN), and the Federal Inland Revenue Service (FIRS).

    At the formal presentation during the 31st National Economic Summit in Abuja, Minister of Finance, Mr. Wale Edun, reaffirmed the government’s commitment to strengthen fiscal responsibility through innovation and technology. 

    He described REVOP as a cornerstone of President Bola Ahmed Tinubu’s economic reform agenda, which focuses on stabilization, recovery, and growth.

    The minister noted that the imitative ‘represents a unified effort to safeguard every kobo of public revenue through innovation, automation, and accountability, by bringing all revenue under a single, technology-driven framework that promotes transparency and fiscal discipline’.

    Edun added that REVOP was created to ‘identify, collect, reconcile, monitor, and protect government revenues across all Ministries, Departments, Agencies (MDAs), and Federal Government-Owned Enterprises (FGOEs)’. 

    He said, “It is our determination to make sure we bring in every single penny. There’s government money lying outside the TSA, lying outside of the Central Bank, and it requires enforcement, consensus, and the right use of technology.”

    Designed to implement the Central Billing System (CBS) of the government which became operational on October 1, REVOP allows for instant reconciliation of government payments, giving public finance managers real time visibility of transactions.

    Other aspects of the initiative include the Revenue Splitting Engine, Treasury Management System, and Revenue Monitoring Dashboard, which are designed to ensure that every transaction within the government’s revenue chain is visible, verifiable, and traceable.

    Aside from its technology-driven system, REVOP will also help to rebuild trust in public finance and empower policymakers with accurate financial intelligence and enable more effective decision-making.

    It will also strengthen fiscal transparency and ensure that every government revenue stream can be monitored in real time, representing a shift from a paper-driven, reactive system to a transparent, proactive, and technology-enabled model.

    “Our goal is simple but vital – every naira earned by the government must be visible, traceable, and used responsibly for the benefit of Nigerians. REVOP is a bold and practical step toward that vision, one that builds trust, strengthens accountability, and supports sustainable growth,” Edun added.

  • Revenue target: What might have been!

    Revenue target: What might have been!

    That was President Bola Ahmed Tinubu, speaking in a recent address to key political figures. Tinubu announced that Nigeria had reached its 2024 revenue target in August, a feat he attributed to strategic economic reforms focused on the non-oil sector.

    The president asserted that Nigeria’s economy is now on a predictable and stable path, that the era of illicit currency trading has ended, and that foreign exchange and imports are now transparently accessible without the need for personal connections. He made many sweet pronouncements and gave the hope of a promising future. Kudos to the Father of the Nation for this wonderful feat!

    To a cross-section of Nigerians, the early achievement of the revenue target is a reflection of the effectiveness and efficiency of the government’s tax collection system. This surplus, coupled with a stable exchange rate, may signal a more predictable and stable economy, increased investment and new job opportunities.

    ​It is also plausible that this success is a result of blocking revenue leakages and that revenue officers are now better trained and more committed to their duties. Most importantly, the success may be attributed to a new synergy between government agencies and the use of modern technology.

    Conversely, cynics may not view meeting the annual revenue target in August as an achievement, given the widespread poverty. To them, it might be a reflection of a pattern of extortion and aggressive collection, an immense coercive power exerted over a vulnerable populace by state agencies, or a sign that the public has been burdened with increased costs across various sectors. This perspective raises important questions about the sustainability and equity of such revenue generation methods. Anyway, I will come back to that later!

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    The economic term, ‘Opportunity Cost’, is “the value of the next-best alternative that is foregone when making a choice between mutually exclusive options.” Opportunity cost is very critical in guiding both personal decisions and economic policies. In the case of a government grappling with a very difficult situation, the presentation of policies must be anchored on explaining the cost of doing things or not doing them at all.

    Due to its ongoing period of transition and painful readjustment, it is not surprising that the Nigerian government is taking flak. Not unexpectedly – and this is acceptable in a democracy – those waiting to grab power are not slowing down in capitalizing on this temporary discomfort. In like manner, those who have lost unearned privileges and advantages in a rigged market are, unsurprisingly, screaming ‘blue murder’. But then, we must consider the path not taken. For instance, what would have happened if Nigeria had not put in place the reforms needed to reverse and correct a deteriorating economic situation?

    Talking seriously, we need neither a rocket scientist’s intellect nor the gift of clairvoyance to see that the country was on the verge of financial collapse before the Tinubu government decided that a fundamental correction was necessary. What would have clearly happened was an Argentinian or Venezuelan-style currency crisis, reminiscent of the Asian financial crisis in 1997. Nigeria’s fragile democracy might not have had the shock absorbers to withstand such a tsunami. So, the necessary corrections had to be carried out, even at the great risk of losing some political support.

    We will not subscribe to the ‘Great Man Theory of History’. However, any discerning analysis of the available options and the effective implementation of the counter-attack must focus on key individuals in the process. It appears to be a classic case of the right person for the job at the right time.

    A key actor has been Zacch Adelabu Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS). His appointment came at a critical juncture and was not for the faint of heart. On the contrary, whoever was appointed to that post was handed a poisoned chalice.

    By all accounts, Adedeji has proven more than capable of his task. He has demonstrated the tactical savvy needed to navigate stormy seas. He had to lead the charge in moving the economy away from consumption and toward production. He has positively shifted public discourse by leading a team that successfully convinced the public that funding deficits without adequate income is a self-defeating strategy.

    While the FIRS on his watch also met its oil and gas targets, Adedeji has consistently emphasized that sustained success hinges on a robust non-oil tax system. His professional demeanor and an ambitious N25.2 trillion revenue target have positioned Nigeria’s tax system for long-term growth, with gains that will be impossible to reverse.

    A shining example is the public commitment by the Imo State Government to pay its civil servants a minimum wage of N104,000 per month – approximately 48.57% above the national minimum wage of N70,000. “This includes all consequential adjustments.” Of course, this is significant in a country where many states once struggled to pay monthly salaries and pensions.

    Imo State also increased doctors’ salaries from N215,000 to N503,000, with an entry-level salary now at N582,000. More states will likely follow suit, as increasing purchasing power parity is fundamentally important for revitalizing our country’s commercial and economic landscape.

    In a positive trend reflecting robust economic management, Ondo State has demonstrated a remarkable ability to grow its revenue base. Its “Internally Generated Revenue (IGR) surged by an impressive 132.53% in the first half of 2025, reaching ₦28.15 billion compared to ₦21.24 billion during the same period in 2024.” This amazing achievement is not only part of a sustained upward trajectory but also a statement to the rest of the world that Nigeria’s subnational governments are becoming more fiscally disciplined and attractive for investment.

    In Zacch Adedeji, Tinubu uncovered a true rough diamond; and this has once again demonstrated the president’s ability to assemble an effective team. A mere ‘job-for-the-boys’ appointment could have spelled disaster for the nation. Thankfully, Adedeji has proven to be a consummate professional, successfully reforming and legitimizing the tax system for the country’s benefit.

    While these achievements are noteworthy, critics may argue that the economic reforms have not yet translated to widespread prosperity. Well, it is essential to acknowledge that economic progress often involves painful readjustments, and there has never been a silver bullet in economic history.

    What we currently have is a marathon and not a sprint; and there will always be hidden landmines. Nevertheless, there’s been a decline in the rate of inflation. Unfortunately, this has been mixed up in the clamour for a decline in inflation itself.

    Again, while these technical economic arguments may be valid, they offer little solace to citizens struggling with rising costs. So, these two concepts need to be clearly explained in simple terms: a decline in inflation will be preceded by a decline in the rate of inflation itself.

    Last of all, Tinubu needs to do more to address the widespread hardship. For God’s sake, life shouldn’t be defined by the rising costs of international passports, tinted permits and flight tickets. Since the removal of the oil subsidy, more revenue has been generated and shared among the tiers of government. Why isn’t this wealth reaching the downtrodden? For all we care, governments across the board should channel existing revenues towards addressing critical social and institutional needs rather than imposing additional taxes.

    This is an optimal path forward, and it is poised to be a defining element in President Tinubu’s legacy.

    May the Lamb of God, who takes away the sin of the world, grant us peace in Nigeria!

  • Revenue to surge as companies rush to file returns

    Revenue to surge as companies rush to file returns

    • Govt raked in N6.9tr in four months, says Edun

    The Federal Government expects a significant increase in revenue by the end of this month as the government’s revenue rose by 40 per cent to N6.9 trillion in the first four months of this year.

    Government revenue remains broadly within the upward trajectory that had seen annual revenue rising from about N12.5 trillion to more than N20 trillion in 2024.

    Government revenue rose to N6.9 trillion in the first four months of 2025 compared with N5.2 trillion recorded during the same period in 2024, representing an increase of 40 per cent.

    Revenue is projected to rise by the end of this month due to an expected surge in revenue from the Federal Inland Revenue Service (FIRS) as businesses file their tax returns by the end of June.

    The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday in Abuja at the Second Quarter 2025 Citizens and Stakeholders’ Engagement Session, gave updates on the fiscal performance and reform outlook of the government.

    The minister attributed the steep increase in government revenue to improved transparency, automation, and plugging of leakages.

    He reaffirmed that the government remains focused on ensuring all revenues due to the federation are collected and properly accounted for through revenue assurance mechanisms and stricter compliance monitoring.

    According to him, the revenue growth is attributable to ongoing reforms, particularly in foreign exchange policy and fiscal governance, as well as the deployment of technology and automation to enhance revenue collection across Ministries, Departments, and Agencies (MDAs).

    He noted that despite the upward trajectory, delays in revenue remittance by some government-owned enterprises, due to late auditing and reconciliation processes, continue to hinder prompt inflows.

    He said: “Institutions that are mandated to remit up to 80 per cent of their operating surpluses to the federal purse under the Fiscal Responsibility Act and the 2020 Finance Act often delay until audited figures are finalized”.

    He said that in such cases, the Auditor-General reviews the financials and issues a demand note for reconciliation, a process that introduces a lag in cash inflow, assuring that the government is committed to ensuring eventual compliance without resorting to estimations or unverified assumptions.

    Edun also addressed improvements in debt sustainability metrics, pointing to a significant reduction in the debt service-to-revenue ratio.

    In the first quarter of 2023, before the current administration took office, the figure stood at 150 per cent — meaning debt servicing exceeded total revenue. By the end of 2024, the ratio had dropped to about 60 per cent, driven by rising revenue and tighter fiscal discipline.

    He added that the government has discontinued the practice of excessive borrowing through Central Bank overdrafts, otherwise known as Ways and Means, in line with fiscal responsibility legislation.

    “We now operate within regulated borrowing limits, which enhances debt sustainability,” Edun said.

    He acknowledged that oil revenue performance remains below target due to underwhelming crude oil production and global price fluctuations.

    He said: “We’re not where we expected to be on oil output. Every effort is being made to raise production, but this has had an impact on short-term revenue projections and debt service funding”.

    Edun expressed optimism that long-term gains from Nigeria’s return to value-added exports and industrialisation would strengthen the economy.

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    He cited the country’s growing domestic refining capacity, led by the 650,000 barrels per day Dangote Refinery and other modular refineries, which collectively provide up to 1.2 million barrels per day in capacity.

    “This reduces raw exports, creates jobs, and boosts foreign exchange earnings by exporting refined petroleum products and supplying domestic industries with inputs,” Edun said.

    He pointed out that international rating agencies, including Fitch and Moody’s, have upgraded Nigeria’s credit ratings in response to the ongoing reforms.

    According to him, these upgrades send strong signals to global investors and reduce the cost of borrowing on international markets.

    “Better sovereign ratings mean lower interest rates on bonds, both externally and locally, which supports inflation control and macroeconomic stability,” Edun said.

    The government’s consumer credit initiative is also gaining traction. Managing Director of CreditCorp, Mr. Uzoma Nwagba, revealed that 400,000 young people are already being targeted under the take-off phase of the scheme.

    According to him, though the official launch is pending, eligible beneficiaries can already access credit through the corporation’s platform, including loan packages of N200,000 to N300,000 available to early applicants, including youth corps members.

    Ministry of Finance Incorporated (MoFI) is intensifying efforts to optimize government assets. Speaking on behalf of the MoFI Managing Director, Dr. Armstrong Takang, Executive Director Tajudeen Ahmed said the asset register has identified N38 trillion worth of government-owned assets over the past two years.

    Ahmed projected that the total value of assets captured could hit N70 trillion by 2026, as more assets are brought into the system. The MoFI aims to scale this value to N100 trillion over the next decade, leveraging it to drive investment, transparency, and capital formation.

    Edun concluded that the broader goal is to build a fiscally resilient and inclusive economy, where government revenues are optimised, leakages are curtailed, and resources are directed toward high-impact projects and social investments.

    He stated that while external risks such as oil price volatility remain, the foundations laid through macroeconomic reforms and institutional restructuring are already yielding measurable results.

  • Revenue collector dies in accident

    Revenue collector dies in accident

    A revenue collector has died in an accident involving a containerised truck (FST 887 XD) on the Lagos-Ibadan Expressway, near New Garage.

    The accident happened when the deceased tried to collect dues from the truck driver.

    Eyewitnesses said the victim was hit while crossing the busy expressway.

    Officials of the Lagos State Traffic Management Authority (LASTMA) arrived at the scene promptly to manage the situation.

    According to a statement by LASTMA, the body was handed over to officers from the Adigboluje Police Division, who are liaising with the deceased’s family.

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    The truck driver reportedly fled the scene in panic following the accident, abandoning the truck.

    LASTMA General Manager Olalekan Bakare-Oki condoled with the bereaved family, and called on transport union leaders to educate their members on adopting safer practices in collecting dues, especially in high-risk areas such as expressways.

    He said: “This tragic loss underscores the urgent need for enhanced safety measures in revenue collection processes. We must work collectively to prevent such harrowing incidents from occurring in the future.”

    Meanwhile, the police said it has begun investigating the accident and efforts are on to locate the truck driver.

  • FCT – IRS boss: Improving revenue generation, staff welfare my priority

    FCT – IRS boss: Improving revenue generation, staff welfare my priority

    The Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service (FCT-IRS), Mr. Michael Ango, on Friday, vowed to work hard to improve revenue generation for the territory and prioritise staff welfare to create a positive, supportive and productive work environment for the employees.

    Ango stated this while addressing his staff during a virtual meeting.

    He explained that staff welfare would be his top priority but depending on the revenue generated.

    The FCT-IRS boss underscored the critical link between staff welfare and revenue collections, emphasing the need for concerted efforts to improve revenue generation within the agency with a view to have an improved cost of collection to cater for their needs.

    He urged all staff members to work diligently towards achieving and surpassing the Service’s annual revenue target.

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    “My task here is to further deepen Mr. President’s reforms in the fiscal space in Nigeria; as we are all aware, the country is undergoing some significant reforms in the area of the economy, the fiscal space and of course taxation, and one of the important things the President wants to achieve in this regard is to ensure that all the sub-nationals in Nigeria have fiscal independence and they are able to cater for themselves.

    “Abuja, the Federal Capital Territory, is an integral part of the nation. In fact some may argue that it is the most important city in Nigeria, and in this regard, the Honourable Minister of the FCT has a vision to transform Abuja to a world class capital city. The FCT-IRS is therefore a very important institution for actualising the Minister’s vision and one which has the potential to significantly raise revenue for the FCT.

     “I know each of us is faced with one challenge or the other because of the broader economic issues in the country and that is why the staff welfare is going to be at the very top of my priority list. In this regard, we will be looking at what is obtainable in the Service currently, and we will try and improve it to the extent that we can.

  • Lagos Revenue Portal: A One-Stop Shop for Efficient Revenue Management

    Lagos Revenue Portal: A One-Stop Shop for Efficient Revenue Management

    The Lagos Revenue Portal (LRP) emerges as a state-of-the-art digital platform, streamlining non-tax revenue administration across Lagos State. This innovative portal serves as a centralized, user-friendly interface, simplifying the process for citizens to manage bills and make seamless payments, thus boosting efficiency and user convenience.

    Centralized Revenue Management

    The LRP acts as a comprehensive hub, consolidating bills from various Agencies, Ministries, and Departments (MDAs) in one accessible location. This consolidation eradicates the need to navigate multiple systems or visit various offices, significantly easing the payment process for users.

    Efficient and Streamlined Payments

    A standout feature of the LRP is its efficient payment mechanism. Users enjoy the convenience of online payments and receive Automated Revenue Receipts instantly, providing peace of mind through timely and accurate transaction records.

    Intelligent Bill Management

    The portal integrates intelligent technology to highlight urgent bills, aiding users in avoiding penalties and late payments by emphasizing time-sensitive dues. This functionality allows citizens to manage their financial obligations effectively and adhere to payment deadlines.

    Customized Administrative Workflows

    While immensely beneficial for citizens, the LRP also optimizes workflow for government officials and administrators. This tailored approach facilitates efficient revenue management, enabling seamless oversight, report generation, and invoice management.

    Automated and Accurate Reconciliations

    Through its smart reconciliation feature, the LRP automatically aligns payments with invoices, minimizing errors and ensuring accurate financial records, thus promoting greater transparency and accountability.

    Digital Invoicing and Environmental Considerations

    Embracing electronic invoicing, the LRP transitions to a paperless process, enhancing record-keeping and ease of access to billing information, contributing positively to environmental conservation.

    Unmatched Convenience and Time Efficiency

    The portal not only centralizes billing information but also reduces the time required for making payments. This efficiency is particularly valuable for busy individuals and businesses, streamlining their financial transactions.

    Transparency and Trust

    Transparency is at the core of the LRP, with users able to easily access their billing and payment history. This clarity builds trust and enhances satisfaction by preventing discrepancies.

    Leveraging Automation for Enhanced Efficiency

    The LRP utilizes automated processes to reduce errors and delays in revenue management, ensuring swift and accurate steps in payment processing and receipt generation, thus benefiting both users and the overall revenue system.

    Powered by Alpha-Beta Consulting LLP

    Alpha-Beta Consulting LLP’s expertise in digital solutions has been crucial in developing a platform that effectively meets the needs of both citizens and government officials, marking a significant advancement in modernizing revenue payments in Lagos State.

    Encouraging Compliance and Future Development

    The LRP fosters a culture of timely payment compliance and contributes significantly to the future development of Lagos State by streamlining revenue collection, ensuring funds are available for essential public services and infrastructure projects.

    Conclusion

    The Lagos Revenue Portal is more than a payment platform; it’s a transformative tool for revenue management, setting a new standard in efficiency, convenience, and transparency. As a model for other states, the LRP demonstrates the impactful role of digital solutions in government revenue administration.

  • ‘Payment portal will simplify revenue collection’

    ‘Payment portal will simplify revenue collection’

    The Lagos state government has designed the Lagos Revenue Portal (LRP) to simplify government’s revenue collection process. 

    It will be officially launched on August 15.

    Special adviser to the governor on Taxation and Revenue, Opeyemi Ogungbo, described the portal as a one stop shop for taxpayers because they can perform multiple transactions/payments from the comfort of their homes.

    He said: “This advanced technology will streamline our collection processes into a more-friendly and accessible self-service portal for residents because the LRP aggregates all Lagos State bills and payments across Ministries, Departments and Agencies (MDAs), making it a one-stop-shop for all taxpayers.

    “The portal allows Lagosians to manage and print their bills, make payments online through multiple channels (Card, Bank Transfer, POS, USSD, QR Code, etc), from the comfort of their homes or offices. This eliminates the need for physical visits to service stations or bank, saving time and reducing stress for our taxpayers.

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    “The portal also ensures secure and seamless payment processing, guaranteeing that transactions are both safe and efficient. This means that every payer receives an instant revenue receipt after successful payment, and also allows them to seamlessly validate payments.

    “Additionally, the portal facilitates easy payer registration. This means that individuals and businesses can register as payers and access their profiles online. “The LRP also allows for amendment and reversal request. Payers can request changes or reversals on their payments, which significantly reduces errors and disputes along the transaction value-chain; payers, banks and MDAs.

    “A comprehensive view of payment history and receipts is another valuable feature of the portal. Users can view and download their payment history (remittance statement) and receipts, providing easy access to their records.”

    Ogungbo assured the people of data security, saying ‘LRP is available on both secure web and mobile application channels to allow taxpayers access the portal on-the-go. The portal is also designed to allow for seamless integrations with current and future technologies; thereby allowing for scalability, robustness, confidentiality and data integrity without compromising data privacy regulations’.

    He added: “This platform provides Lagosians with timely support and promotes ease-of-doing business, therefore enhancing their overall experience. The LRP is a significant step towards modernising revenue collection and administration in Lagos State. By providing a user-friendly, efficient and secure platform, the government aims to increase compliance, promote transparency, efficient service delivery and grow revenue for developmental projects.”

  • ‘How we aid revenue, trade with IT deployment’

    ‘How we aid revenue, trade with IT deployment’

    Despite some happenings which are anti productive for the economy, like the COVID-19 lockdown, the use of technology has been able help the government and its agencies to remain steadfast in its revenue drive.

    Stakeholders and experts have therefore continued to canvass for the upscaling of measures that will continue to boost the revenue needs of the country, especially means that will ensure the elimination of leakages. If this is achieved, they argued, trade facilitation will serve as an impetus for greater inflow of revenue into government coffers.

    For instance, the Nigeria Customs Service’s (NCS) recently generated N2.7trillion as its half year revenue. This amount surpassed the Service’s set target in this period by eight per cent. Examining the role of technology in the country’s revenue drive, the Managing Director, Webb Fontaine (WF), Ope Babalola, at the weekend, heaped the success of the NCS’ revenue success largely to the efficiency of technology deployed by the service, including its dedicated officers. According to him, WF is committed to supporting Nigerian economy through bespoke ICT solutions that is helping the Customs in revenue collection. He explained that despite the ongoing nationwide protest, NCS revenue has remained unhindered through the company’s IT activities. Babalola said the firm’s geospatial and cargo tracking regime can help countries in transborder transaction, especially as Nigeria commences a test run export trade under the AfCFTA regime. “We’re very excited about this! I personally believe that the future is Africa. Intra-African trade is less than 20 per cent of total trade conducted by African countries. This will encourage us to trade more internally. Our company is way ahead of the existing deployments in the maritime and trade industries in Nigeria and many countries on the continent and we’re eager for an opportunity to showcase these to help Nigeria be a leader in the AfCFTA.

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    “We already provide solutions in 12 African countries, and are prepared to do even more than that. Incidentally, both Republic of Benin and Niger use Webb Fontaine technology. This goes beyond geospatial and cargo tracking. We also have technology that can create and transmit data between countries in the continent, while providing statistics for governments to use for decision making and monitoring. Our existing and already deployed solutions can verify the integrity of origin for the purpose of protecting the tenets of the AfCFTA,” he explained.

    IT infrastructure aiding revenue, AfCFTA

    Babalola is excited at his firm’s role in the Nigerian Customs Service’s (NCS) mid-year report in which the NCS collected N2.7trillion as its half year revenue. This figure, he noted, surpassed the Service’s half year target by eight per cent. “We know that this cannot be achieved without IT. Command after command is reporting record revenues. This is because the Customs platform, NICIS II, is built as a paperless system and is fully automated. Our platforms in many other countries, using the same technology, operate as such. Agents, operators and declarants can all access the services online. We have seen this in practice. During the COVID-19 lockdown, NCS was the only government agency that was actually generating revenue. In fact, that year was a huge increase in both revenues and number of declarations.

    He expressed confidence that with the planned procurement of Starlink internet access provided by Elon Musk, will further strengthen customs ICT for trade facilitation in Nigeria. “We have pioneered this in a couple of sites and the initial signs are encouraging. We also understand that NCS is also testing independently in a couple of sites. We hope all this results in a better user experience for importers, agents and Customs officers. Webb Fontaine has been subject to the vagaries of our telecoms systems. As a result, some businesses people in the country have decided to “go offline” and deploy Starlink, the internet provider owned by Elon Musk. Our staff continues to monitor the situation,” he added.

    Although Webb Fontaine is said to have a robust and productive system in many other countries including neighbouring Benin Republic, leading to port efficiency, maximum revenue collection and other artificial intelligence related merits for trade, the firm has not been able to replicate same in the country. Babalola however said the firm has deployed many improvements to Customs operations in the country. “You only have to talk to people who have been in the system for a few years and they can tell you the difference between what was and what presently exists. And we continue to make improvements as technologies change and improve and as the nation’s needs evolve. I also need to express my gratitude to the ICT officers and the CG for the cooperation they have shown and given us. I wish I could name names but I don’t believe I can. They are really excellent men and women of integrity,” he said.

    He however regrets that WF’s contract renewals for several years have taken a very tortuous path, adding that payments also tend to remain outstanding for years. “It becomes difficult therefore to continue reinvesting as we need to and wish to. Nevertheless, we continue to provide our best services despite the constraints. NCS’s revenue profile for this year will testify to that,” he submitted.

    Benefits of WCO PSCG

    The admittance of Webb Fontaine into the World Customs Organisation (WCO) Private Sector Consultative Group (PSCG), he explained, is a recognition of the excellent work that the company is doing in 25 countries and others to join soon. Besides, he added that it is a propf of its excellent service for years, a feat he said it intends to continue in. “The purpose and scope of the PSCG is to inform and advise the WCO Secretary General, the Policy Commission, and WCO Members on Customs and international trade matters from the perspective of the private sector. The PSCG complements the vital contributions made by private sector observers to WCO Committee meetings. Appointments are made on merit, based on recommendations from WCO council members and regional vice-chairs. We are proud of this membership and as a PSCG member, we are excited to be actively providing our valuable contributions to work of the group,” Babalola said.

  • Fed Govt to centralise revenue system

    Fed Govt to centralise revenue system

    • From Nduka Chiejina (Assistant Editor) and Sarah Bolaji

    The Federal Government has taken steps to boost financial transparency and accountability by launching the Revenue Assurance and Central Disbursement Solutions for government bodies.

     The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has convened a stakeholders meeting to this end.

     The meeting focused on how to implement the Revenue Assurance and Central Disbursement Solutions for Ministries, Departments and Agencies (MDAs) as well as Federal Government-Owned Enterprises (GOEs).

     The new system aims to streamline the collection and disbursement process for MDAs as well as GOEs. The government expects this to significantly enhance transparency and accountability in how public funds are managed.

    The new system offers a two-pronged approach to financial oversight. The system will ensure that beneficiary payments are made directly, eliminating potential loopholes for misuse of funds. Additionally, any payments due to the Federal Government will be automatically deducted at source, streamlining the collection process.

    Read Also: Tinubu vows to eliminate insecurity in Nigeria

    By integrating with both the Government Integrated Financial Management Information System (GIFMIS) and non-GIFMIS platforms, the Revenue Assurance and Central Disbursement Solutions system will provide a comprehensive view of government revenue generation.

    This consolidated dashboard will offer real-time insights into the financial health of various government entities.

    The stakeholders brought together for the successful implementation of this initiative include the Special Adviser to the President on Energy; Special Adviser to the President on ICT; the Central Bank of Nigeria (CBN); the Office of the Accountant General of the Federation (OAGF) and the Nigeria Inter-Bank Settlement System (NIBSS)

     The collaborative effort of these stakeholders suggests a commitment from the government to ensure the system’s smooth rollout and effectiveness.