Stakeholders seek innovative solutions to Nigeria’s fiscal challenges

Stakeholders in the public and private sectors have stressed the need for innovative solutions to Nigeria’s fiscal challenges for sustainable economic growth.

This was agreed at a summit organised by Modo Ante in collaboration with the Lagos State government, which brought together policymakers and thought leaders to explore cutting-edge strategies for revenue generation and public service enhancement.

Babajide Olusola Sanwo-Olu, Lagos State governor, in his keynote address, emphasised the need for a diversified revenue strategy, beyond traditional taxation. He outlined key areas like optimising state-owned assets and creating new economic opportunities, particularly in real estate, waste management, and technology, which have yet to be fully tapped for revenue generation.

Sanwo-Olu also highlighted the importance of collaboration between the public and private sectors through Public-Private Partnerships (PPPs) to create sustainable and innovative revenue solutions.

According to him, technology was a critical tool in modern governance, underscoring Lagos State’s commitment to staying ahead of the curve by leveraging digital solutions to manage its rapidly growing urban population and economy. He pointed to initiatives like the Lagos State Unified Revenue Portal, a digital platform that simplifies tax collection and enhances transparency, as prime examples of the state’s tech-driven approach to revenue optimization.

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Abdul-Kabir Opeyemi Ogungbo, the special adviser to the governor on taxation and revenue, in his presentation on Lagos State’s roadmap for sustainable revenue growth, explained how the state has expanded its tax net and implemented data-driven policies to improve compliance. He also emphasized the importance of innovation and technology in streamlining revenue collection processes and ensuring accountability. “The Lagos model is a template for other states to follow,” he noted, advocating for increased investment in technology and capacity building across Nigeria.

Bamijoko Okupe, CEO of Modo Ante and co-convener of the summit, shared the consultancy’s vision for transforming governance and public sector performance. He commended the Lagos State government for its leadership in embracing technology and innovation, stressing that the summit proved the immense potential of public-private collaborations in fostering sustainable development and revenue growth.

Okupe outlined Modo Ante’s three-pronged approach to revenue optimisation, which includes harnessing technology for efficiency, developing tailored digital solutions to enhance tax compliance, and fostering transparency through strategic communication campaigns.

He emphasised the critical role of data analytics and economic modeling in guiding decision-making and addressing governance challenges. “Data is key to creating actionable insights that drive growth and value for all stakeholders,” he stated.