Create a Data Base to Enhance Your Revenue Generation, Financial Expert Tells...

Create a Data Base to Enhance Your Revenue Generation, Financial Expert Tells State Governments

31
SHARE

States governments have been urged to create a data base that will ensure a better plan for revenue generation and other social economic planning.

Momoh Aliyu, the Managing Director of Cyber1 Systems Network International, gave the advice in an interview with journalists in Abuja.

He identified lack of data base on revenue generation in most states as the cause for leakages in tax collection and other sources of revenue.

The financial expert said that in data management, Enumeration, Collection and Enforcement formed the tripod of tax administration, adding that most states lacked data collation.

According to him, the states lack the ability to collate data from the formal and informal sector.

He said that the informal sector of each state constituted about 70 per cent of the economic prowess.

“But unfortunately, this sector lacked record nor pay adequate tax even with the provision of `Presumptive Tax’ policy of Nigeria.

“The body responsible for revenue generation in most states lack the ability to adopt an innovative collection module as they still issue manual receipt and engage in cash collection module.

“Statistically, states lose more than 50 per cent of such cash to manual receipting system,’’ he said.

Aliyu advised states not to solely rely on the Federal Government, but be proactive to other sources to sustain their revenues in order to be able to meet the demands of their people.

“Sooner or later, the Federal will rely on states to generate its revenue too and if the states keep relying on the Federal Government, we will get to a state of total collapse.

“Technology is about taking Nigeria’s key source of revenue into extinction, following the manufacture of electric cars, if this goes away, the Federal Government will need the states to generate revenue too, hence we must act now.’’

NO COMMENTS

LEAVE A REPLY