Home Skytrend Consulting Blog Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Tertiary institutions in Lagos State have finally agreed to pay a whopping 7% of their revenue as commission to Payment Technology Limited (PAYTECH), a controversial revenue collector imposed by the State governor, Mr Babajide Sanwo-Olu.

According to a report by Premium Times, all tertiary institutions in the State have enrolled on the platform.

The agreement has been signed by the schools in spite of the clear violation of the state’s procurement law. The management of the Lagos institutions and the education committee of the state’s House of Assembly had earlier kicked against PAYTECH, describing it as exploitative.

The government has argued that it needs such a firm to bring transparency to – and maximise the opportunities in – the collection of the internal revenue generated by the institutions.

The development is similar to the adoption of Alpha Beta Consulting LLP as Lagos State’s tax consultant since 1999. The private tax consulting firm, which is linked to a former governor of the state, Bola Tinubu, has faced a series of corruption allegations, including tax evasion.

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