The Lagos State Government and Modo Ante, a company seeking to increase public revenue with technology, have announced initiative to ensure simplification and harmonisation of the state’s tax processes and redefined revenue generation strategy to capture all residents and businesses in the state.

This was disclosed, yesterday, with the announcement of the Eko Revenue Plus Summit, a groundbreaking initiative aimed at diversifying and expanding the state’s revenue streams.

The summit, scheduled for September 25 to 26, 2024, at the Eko Hotel and Suites, Lagos, and themed, ‘Unlocking New Revenue Streams for Lagos State’, will enhance socio-economic development through innovative revenue generation strategies.

The Special Adviser to the Lagos State Governor on Taxation and Revenue, Abdul-Kabir Opeyemi Ogungbo, emphasised the need for new revenue verticals that will help the state remain resilient in an ever-evolving global economy.

He underscored the challenges businesses face in navigating the existing tax system, noting that the state government is prioritising the simplification and harmonisation of tax processes as well as streamlining tax compliance, making it more accessible for businesses and individuals.

Ogungbo said this effort, coupled with the adoption of technology, aims to create a more transparent and efficient system that promotes voluntary compliance.

He said the summit is central to the call for voluntary compliance from Lagos residents and businesses, urging all stakeholders to embrace their constitutional obligations as part of a collective effort to build a prosperous Lagos.

He also noted that by leveraging advanced data analytics and embracing Big Data, Lagos aims to better understand its economic activities, identify revenue leakages, and ensure that all potential sources of income are fully tapped.

The Chief Executive Officer of Modo Ante, Bamijoko Okupe, commended Governor Babajide Sanwo-Olu’s transformative leadership and expressed confidence in Lagos’s potential to not only meet but also exceed its revenue ambition.

He said the event will attract a diverse group of stakeholders, including government officials, private sector leaders, financial institutions, innovators, and Lagos citizens with key focus areas include to include, property, digital economy, informal sector, and circular economy, with special emphasis on the energy sector as a key enabler.

Okupe outlined the summit’s strategic objectives to include revenue optimisation, digital transformation, boosting job creation, service improvement, and economic opportunities for residents as well as promoting long-term environmental and economic sustainability.