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 organizational 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 odds makers, 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.
Source: Naira metric
