The Chairman, Pan African American Chamber of Commerce, Prof. Olatokunbo Onabanjo, has advised President Bola Tinubu to establish Artificial Intelligence Commission(AI) to address revenue leakages in the country.
Onabanjo, in an interview with The Tide’s source, in Lagos, yesterday, said establishing Artificial Intelligence Commission(AI) would turn around Nigeria’s education, health, housing, trade and tourism sectors among others.
“With the establishment of Artificial Intelligence Commission, and by integrating AI algorithms into the government’s financial systems, suspicious transactions and patterns can be automatically flagged for further investigation.
“AI can analyse large volumes of data in real-time, identify anomalies, and detect potential cases of fraud or revenue leakage,” he said.
Onabanjo, who was the Director of Computer Services during Tinubu’s administration as governor of Lagos State, called for enhanced Data Analytics Capabilities through utilisation of Enterprises Resources Planning(Oracle ERP) system to gather data from various government departments and agencies.
“By leveraging on AI-powered analytics tools, the government can gain valuable insights into revenue collection, expenditure patterns, and identify areas where leakages are occurring.
“This data-driven approach will help to identify loopholes and develop strategies to plug them,” he said.
Onabanjo, a seasoned project manager and member of Certified Project Management Professionals, said that the use of AI would also strengthen tax compliance and revenue collection by government.
“AI can be employed to automate the tax collection process, ensuring accurate and efficient assessment, billing, and collection of taxes.
“AI algorithms will analyse tax data, identify potential tax evaders, and facilitate targeted enforcement actions. This can help increase tax compliance and revenue generation.
“ERP systems will also be utilised to streamline and automate procurement processes.
“AI-powered analytics will help identify discrepancies, detect fraud, and ensure transparency in procurement transactions. This can minimise leakage and corruption in procurement activities.
“AI will assist in identifying potential risks and vulnerabilities in revenue collection processes.
“By analysing historical data and patterns, AI algorithms can predict potential areas of revenue leakage and enable proactive measures to mitigate risks,” he said.
Onabanjo said that implementing ERP systems would facilitate data sharing and collaboration among different government agencies involved in revenue collection and management.
According to him, this will enable real-time data exchange, improve coordination, and enhance visibility into revenue-related activities, making it easier to identify and address leakages.
The PAAC chairman called on the government to also invest in capacity building.
“To effectively leverage AI and ERP resources, it is essential to invest in training government personnel to use these technologies.
“Building a skilled workforce that can handle data analysis, AI algorithms, and ERP systems will ensure the successful implementation and utilization of these resources.
“It’s important to note that addressing revenue leakages requires a holistic approach, including policy reforms, enforcement mechanisms, and transparency initiatives.
“AI and ERP resources can complement these efforts by providing advanced tools and insights to identify and tackle revenue leakages effectively,” he stated.
He was of the view that Oracle ERP implementation could streamline government processes, improve data management, and promote transparency in financial transactions.
According to him, this will help the government in making informed decisions, reducing inefficiencies, and minimising corruption.
Onabanjo said: “ERP systems can consolidate and automate various administrative functions, leading to cost savings in areas such as procurement, inventory management, and payroll.
“This can free up resources that can be redirected towards other developmental initiatives.
“With an efficient ERP system in place, government departments can provide better services to citizens.
“Streamlined processes and improved data management can result in faster response times, reduced bureaucracy, and enhanced service quality.”
According to him, ERP systems generate vast amounts of data, which can be analysed to gain insights and support evidence-based decision making.
He said that it could help the government to identify trends, evaluate policy effectiveness, and allocate resources more effectively.
“In addition to ERP implementation, the integration of AI technologies can further benefit the Federal Government of Nigeria.
“AI has the potential to automate repetitive tasks, enhance data analysis capabilities, and improve decision-making processes,” he disclosed.
He listed few the ways AI could help to include Intelligent Automation, Data Analysis and Predictive Modelling, Fraud Detection and Cybersecurity among others.
“AI-powered automation can streamline processes across various government departments, increasing efficiency, and reducing human error. This can lead to improved service delivery and cost savings,” he stated.