Lagos-Nigeria Considers Blockchain for Taxation, Others

Lagos-Nigeria Considers Blockchain for Taxation, Others
Lagos-Nigeria Considers Blockchain for Taxation, Others

Nigeria’s commercial capital is looking at ways to make public administration more effective.

Lagos-Nigeria Considers Blockchain for taxation and its importance of systemizing Blockchain technology to magnify financial transactions and economic development. This is according to the Lagos State Governor, Mr. Babajide Sanwo-Olu.

Speaking on behalf of the Governor during the 12th Annual Public Lecture organized by the Lagos State Public Service Chapter of the Institute of Chartered Accountants of Nigeria (ICAN) held in Ikeja, the Permanent Secretary/Accountant-General, Lagos State, Dr. Muritala Abiodun implored accountants to acquire additional knowledge and gain new skills that will enhance their service delivery.

Dr. Muritala stated that the State’s budget was at the start of the year based on about ₦300 per liter for the price of diesel but today it is above ₦800 and it is a fact that contracts that were conceived and awarded will be subjected to variation.

He explained that during the COVID-19 pandemic, the State Government devised a lot of initiatives in the various sectors, including Eko TeleMed which gave citizens access to medical care without leaving their homes, and virtual classes for students of Lagos State University.

Lagos-Nigeria Considers Blockchain for Taxation, Others
Governor Sanwo-Olu gathered that the Governor then implored accountants in the State’s workforce to seek more knowledge on Blockchain technology.

Also speaking at the event, on behalf of the 58th President of ICAN, Mallam Tijani Isah, Vice President, Davidson Alaribe, stated that the yearly lecture is one of the flagship programs of the Lagos State Public Service Chapter of ICAN.

Davidson revealed that the previous editions of the program have contributed to national debates and devised deep and physical recommendations, influenced policies, and improved the competence of accountants and finance experts.

The Chairman of the Lagos State Public Service Chapter of ICAN, Mr. John Oyegunle also stated that the citizens should make good use of Blockchain technology to accomplish the six pillars of the State Government’s T.H.E.M.E.S development agenda.

Also, while delivering his lecture, the former ICAN President, Alhaji Rasak Jaiyeola cash transfers are better executed using Blockchain technology as it doesn’t have issues of inaccessibility and lack of transparency like banks do.

Jaiyeola portrayed Blockchain as a shared, decentralized immutable ledger that eases public transactions, and ensures easy tracking. He added that the blocks are verified by miners before transactions are sent to everybody, which ensures an ineradicable record of transactions.

Lagos-Nigeria Considers Blockchain: African Perspective

Blockchain as a potent development tool in recent times has continued to gain more popularity by the day. Reports by the African Blockchain have it that companies that deal with blockchain have made a whopping sum of $304 million in funding in the first half of 2021.

According to the reports, funding jumped by 1,668 per cent, rising from $5.1 million to $91 million between Q1 2021 and 2022.

The report also explained that the lack of common legacy financial systems and an enormous population, primarily unbanked citizens contributed to the popularity and growth of cryptocurrencies on the continent.

Nigeria, Kenya, and South Africa have received the largest venture capital inflow of cryptocurrency.
Crypto-centric payments too have been growing, surging by 1,200 per cent between July 2020 and June 2021.

Lagos-Nigeria Considers Blockchain for Taxation, Others

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