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Lagos reveals increase in revenue

30 October 2013, 11:45

Lagos - The Lagos State Government says it has significantly increased revenue since it adopted solutions by one of the world’s leading software firms.

Speaking at the Oracle Storage Summit in Lagos, the State Director General, Financial Systems Management Bureau, Abdulahmed Mustapha, disclosed since the state adopted the financial and audit management solutions provided by Oracle in 2006, its internally generated revenue base has improved from N3 billion (US$18 million) to N20billion per year.

He added that the state is looking forward to further improve its revenue generation through Oracle solutions to N50billion in the coming year.

Besides enhancing internally generated revenue, Mustapha added that the financial and business re-engineering of the government through Oracle solution had enhanced prudent management of government resources by ensuring that government financial transactions are carried out using the best procedures.

The official also said that the solution has eased access to financial data for government decision making and prompt generation of accurate financial statements.

Founded in 1977, Oracle is Red Wood City, United States-based computer technology corporation. The firm specializes in developing and marketing computer hardware systems and enterprise software products, particularly its own brands of database management systems. It is the second largest software maker by revenue after Microsoft.

– CAJ News

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