Nigeria Update: Expert advocates block chain technology to curb tax fraud

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Nigeria Update: Expert advocates block chain technology to curb tax fraud

The Chief Executive of Kurecion Foundation, Abikure Tega, has called for the use of block chain technology to address fraud in the country´s taxation system. 

He made the call at the weekend, in Abuja at a training session organised by the foundation for some members of the public on the technology and how they could tap into its facilities.

Tega explained that block chain has the capacity to handle trust which makes it a top choice and the easiest and most efficient infrastructure among users of currencies across the world.

According to Tega, a financial advisor and business mentor, the block chain technology, like the internet, has a built-in robustness that stores blocks of information that are identical across its network.

He said the technology could also be used to address the challenges in agriculture, oil sector, pension and all other government processes.

“The block chain technology is essentially a decentralised transaction ledger in which digital information can be distributed and viewed but not copied or altered.

“It can be used to address complexities in governance and administrative systems,’’ he said.

He said that as a distributed database, it lives across a network of computers which makes it exceptionally secure.

Tega said the block chain stores transaction records in groups called blocks, while each block is time-stamped and added to a chain linked to the previous block.

“It is completely transparent and cannot be changed; it can be used to create a decentralised system of payment where the tax payer has an unhindered access to the collector which is the government.

“It enhances revenue collection and removes the challenges of remittances; everything becomes easy when it is brought to the block chain infrastructure,’’ he said.

He described as unfortunate the fact that Nigeria has the lowest Gross Domestic Product (GDP) ratio between tax collection and its GDP across the world, noting that “not everything collected is usually remitted to government.’’

Tega also noted that the block chain technology had already been tested in some African countries, stressing that all that was needed in Nigeria was government´s political will to embrace it.

“We are saying that this technology is already here with us and we can deploy it for our own advantage.

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