… Stakeholders Discuss New Revenue Streams at Eko Revenue Plus Summit
The Eko Revenue Plus Summit 2024, organized in collaboration between Modo Ante and the Lagos State Government, supported by Wema Bank as sponsor have been concluded in Lagos.
The event themed “Unlocking New Revenue Streams for Lagos State” brought together experts, stakeholders in the tax collection and administration with singular aim of unlocking new revenue streams for the state.
The two-day event spearheaded by the Special Adviser to the Governor on Taxation and Revenue, Abdul-Kabir Opeyemi Ogungbo, climaxed with a partnership initiative between the Lagos State Government, the Organized Private Sector (OPS), the National Data Protection Commission (NDPC), and the National Information Technology Development Agency (NITDA) to enhance its revenue generation capabilities.
This collaboration aimed at harnessing digitization and e-governance to drive economic growth while safeguarding citizens’ data in compliance with the NDPC’s regulatory framework.
The summit also provided a platform for robust deliberations between stakeholders, top government officials, private sector representatives, and industry regulators, on leveraging technology to optimize revenue collection.
Speaking during the Summit, National Commissioner and CEO of the NDPC, Dr. Vincent Olatunji, stressed the importance of aligning Lagos’ initiatives with the national data protection law recently signed by the President. He urged the state to adhere to the established framework rather than creating separate legislation.
“And we at the Nigerian Data Protection Commission are here, and we have to support you, and by extension, the government of Nigeria. We are ready and more than happy to support Lagos State,” he assured.
He highlighted the agency’s ongoing efforts to protect Nigerians’ online data and raise awareness about data privacy. Expressing his enthusiasm for Lagos’ progress, Olatunji added, “We hope to take this conversation forward.”
The Director-General of NITDA, Kashifu Inuwa, represented by a senior executive, commended the LASG for its advancements in infrastructure and e-governance. He pledged continued support from NITDA to bolster the state’s digitization efforts, acknowledging the critical role of technology in driving economic development.
Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Ayodele Subair, underscored the summit’s relevance, focusing on five vital sectors: property, the digital economy, the informal sector, energy, and the circular economy. These sectors, he explained, are pillars of Lagos’ economic vibrancy and serve as avenues for value creation, innovation, and strategic partnerships.
“Through win-win public-private partnerships, it aims to unlock opportunities that will not only enhance revenue generation but also foster economic inclusivity, environmental sustainability, and social equity,” Subair stated.
He stressed the transformative potential of collaboration between public institutions and private enterprises, adding, “The synergy between public institutions and private enterprises has the power to revolutionized how we harness resources, engage stakeholders, and create enduring value for the citizens of our great state.”
Subair praised the summit organizers for bringing together policymakers, regulators, industry leaders, and stakeholders to devise actionable solutions, stating: “By fostering dialogue and innovation, we are collectively taking bold steps to reimagine the future of economic growth and revenue generation in Lagos State. Together, we will build a Lagos State that is not only self-sufficient but also a beacon of prosperity and innovation for others to emulate.”
Highlighting the state’s technological investments, Subair noted that these advancements simplify compliance for residents.
He pointed to the Lagos State Revenue Portal and the e-tax platform as examples of innovations that streamline tax administration.
“With a lot of great work done by the Office of the Special Adviser on Taxation and Revenue, the Lagos State Revenue Portal has been created to settle all non-tax revenue, such as land administration fees, etc., as well as the e-tax platform—an end-to-end tax administration solution. This platform allows for registration, raising of assessments, payment of taxes, issuance of receipts, and generation of tax clearance certificates, all from the comfort of your homes,” he explained.
He urged Lagos residents to fulfil their civic responsibilities by filing annual tax returns and paying their taxes, emphasizing, “This is the only way we can guarantee the development of Lagos into a true megacity through the provision of highly qualitative social services such as schools, hospitals, and first-class infrastructure.”
Lagos State Commissioner for Health, Prof. Akin Abayomi, acknowledged the state’s substantial spending due to its growing population of over 30 million people. He highlighted the daily movement of livestock and the prevalence of non-communicable diseases as unique challenges requiring strategic planning.
“Lagos is a stressful environment, and so people tend to have issues with non-communicable diseases. As a state, we need to prepare and prepare for the future,” Abayomi stated.
He revealed that Lagos has a 30-year development plan anchored on infrastructure, public-private partnerships (PPP), medical diagnostics, digital platforms, alternative financing access, and human resources for health.
“It is only through digitalization that we can really move to the next stage of medical ingenuity and competition around the world,” he remarked.
Abayomi also highlighted the state’s leadership in data protection compliance. “We have gone through personal data protection compliance. We were one of the first agencies to do that,” he said.
The commissioner announced the establishment of the Lagos State University of Medicine and Health Sciences as a significant milestone in addressing the shortage of medical personnel. “The biggest thing happening at the moment in Lagos is the establishment of the standalone University of Medicine and Health Science. Because we have such a low shortage of medical personnel, we’re going to be training our doctors and nurses across our teaching hospitals, general hospitals, and our PhDs. We’re hoping to cluster them into sub-campuses across Lagos,” he explained.
The collaboration between Lagos State and stakeholders such as OPS, NDPC, and NITDA demonstrates a commitment to leveraging technology and partnerships for sustainable revenue growth.
Key takeaways from the summit is that by addressing key sectors and investing in digital platforms, Lagos is setting the pace for other states in Nigeria to emulate. This approach will not only help in accelerating economic outcomes, but will promote inclusivity, sustainability, and innovation, laying the groundwork for a prosperous future.