Govt can Leverage Technology to Increase Revenue — Expert

 In Investor News

The Vice-Chairman, Xpress Payment Solution Limited, Mr Awa Ibraheem, has urged the government at all levels to leverage opportunities emerging technologies present to shore up their internally generated revenue and combat fraud and the incidence of corruption in governance.

Speaking at the Institute of Chartered Accountants of Nigeria’s two-day maiden accounting technology summit in Lagos, with the theme, ‘Disruptive technologies: The game changer for businesses,’ Ibraheem stated that the emerging technologies, if well harnessed, had the potential to reduce corrupt practices and shore up revenues generated by the government.

He said, “I must say that, whenever the velocity of cash is very high, there’s going to be a lot of leakages. If you want to reduce the level of leakages in government revenue, you must plug the loopholes; and the best way to plug the loopholes is to deploy technology.

“When technology is deployed such as real-time and online reporting, leakages will be greatly reduced. For instance, if someone pays cash into government’s account in a bank, there’s someone in the office somewhere monitoring deposits. This way, it will be difficult for anyone to tamper with the money.”

Ibraheem stated that technology remained the bedrock of economic survival, which he said was sustainable, notwithstanding the level of infrastructure and environment for technology to thrive in the country. According to him, technology has simplified business and financial transactions. Ibraheem also commended state governments that had imbibed a culture of financial technology to drive governance.

He said, “Information technology is something relatively new. In a developing country, when anything is new like this, it takes time for people to adapt. We are still in the learning process. “To drive technology, we need human power. For now, there is a serious shortage of manpower in Information Communication Technology. So, we have to make do with what we have until there is an improvement in the level of human capital development.”

Ibraheem urged state governments that were yet to embrace technology to do so before they got left behind, saying the failure to do so would be fatal for such states and their economy. The President, ICAN, Mr Razak Jaiyeola, implored stakeholders and participants to go back to their various states, introduce emerging technologies to the state governments and help them.

https://punchng.com/govt-can-leverage-technology-to-increase-revenue-expert/

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