AGF says automation of non-oil revenue collection processes, best way to go

AGF says automation of non-oil revenue collection processes, best way to go
United Bank for Africa

Mr Ahmed Idris, The Accountant – General of the Federation (AGF), says automation of non-oil revenue collection is the way best way to go for Nigeria.

He said this on Tuesday at the on-going 2018 National Council On Finance and Economic Development (NACOFED) holding at Kaduna.

A statement by Mr Oise Johnson, Head, Press and Public Relations, Office of the Accountant- General of the Federation (OAGF), made this known.

According to Idris, diversification of the economy away from oil dominance to non-oil sources of revenue including tax and Customs collections is of strategic economic importance to Nigeria.

“The long awaited renaissance of the non-oil sector in Nigeria is here now.

”It does not matter if it is forced on us by circumstances that are outside of our control, like the misfortune in the global oil market.

”The Economic Reform and Growth Plan, (ERGP) shows that government has seen the danger in an oil dependent economy and is determined to diversify away from it.”

He said that government at all levels must as a matter of priority, focus more attention on this critical element of boosting their revenue base away from oil by committing more resources to its actualisation.

The AGF said that the treasury recognised the need to optimise the collection of revenues and made a swift shift from manual collection processes to electronic systems.

According to him, this has put the treasury at the forefront of the ongoing Public Finance Management Reforms initiatives in the country.

Emphasising on the gains of automating revenue collection, Idris said that implementing the Treasury Single Account (TSA)/e-collection, was saving the Federal Government over N42 billion monthly on ways and means charges.

He said that the idea that automation eliminates human involvement was untrue, adding that rather, it minimises it and makes it more meaningful and productive.