Lottery and taxes

The Managing Director of Bet9ja, Ayo Ojuroye, has argued that lottery business can boost Nigeria’s revenue.

In a statement made available to newsmen, Ojuroye stated that the Nigerian State is already benefiting from lottery companies through the taxes and other levies paid to the government.

To exemplify, he explained that Bet9ja pays all its taxes and levies because of its organisational belief in prompt compliance with every federal and state laws, as well as its adherence to international best practices when it comes to best corporate governance practice.

Ojuroye maintained that for any country to grow, it must be able to generate income internally. This is important because it enables the government to meet its civic obligation of providing infrastructure such as roads, electricity, and water, among others, as well as meeting recurrent expenditure.

Apparently, not only does the lottery business contribute to the Government’s revenue generation objective, it also “invariably contributes to curbing unemployment as opportunities exist in gaming such as oddsmakers, analysts, security, and cashiers, among others,” Ojuroye added.

Government’s Taxation of Lottery Business: Recently, the Federal Inland Revenue Service disclosed plans to charge VAT on gaming activities, as well as automate VAT collection from lottery operators in Nigeria.

According to FIRS’ Chairman, Mr Babatunde Fowler, the plan will see customers of betting customers pay five percent VAT on every transaction they make. This, therefore, suggests that not only would the Government be charging betting companies alone, it would also be charging its customer; thereby getting more revenue from the industry.

Based on the foregoing, it may not be erroneous to conclude that the Government could be aiming to drive the country’s revenue generation through lottery.

“WHAT WE ARE TRYING TO INTRODUCE TODAY IS AIMED AT IMPROVING THE TRANSPARENCY, ACCOUNTABILITY AND CONVENIENCE IN THE PAYMENT OF ANY TAXES. WE ARE AUTOMATING TAX COLLECTION ACROSS VARIOUS INDUSTRIES IN THE COUNTRY.” -FOWLER

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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