Original Research Article | OPEN ACCESS
Artificial Intelligence in Accounting for Revenue Generation in Nigeria: A Post-Covid-19 Impact Analysis

Bala Abdulrahman Sani1 , Adekunle A Adeyemi2 , Olarewaju Taophic Bakare3,

; 1Department of Accounting, Usmanu Danfodiyo University, Sokoto, Nigeria; 2Department of Accounting, Olabisi Onabanjo University, Ago-Iwoye, Nigeria; 3Department of Accounting, Usmanu Danfodiyo University, Sokoto, Nigeria;

For correspondence:-  Bala Sani   Email: sonyaxle9@gmail.com

Received: December 28, 2021        Accepted: March 3, 2022        Published: March 31, 2022

Citation: Sani BA, Adeyemi AA, Bakare OT, Artificial Intelligence in Accounting for Revenue Generation in Nigeria: A Post-Covid-19 Impact Analysis. Account Tax Rev 2022; 6(1):1-9 doi:

© 2022 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..

Abstract

Contemporary developments in the wake of lockdown as a result of a covid-19 pandemic have birthed fresh discoveries in the application of information technology to the production and delivery of services and products globally. Artificial intelligence (AI) and other robotic technology are now commonly used in both industry and government for the generation and collection of revenues and payment for input costs. It is in this light that governments at all levels are now exploring new technological advancements for raising revenue and reducing the cost of governance. In accounting, the evolution of software used for accounting and the more recent inclusion of artificial intelligence has led to a complete transformation of accounting systems. The use of the traditional accounting system has greatly faded and through investments in robotic and other information technology, there have been groundbreaking stories in the application of leading-edge approaches to digitally transform the means of generating revenue, issues of incomplete taxpayer data and multiple taxation can easily be resolved through technology and this will boosts taxpayer’s confidence in paying their taxes. Unfortunately, the Nigerian revenue generation is still not embracing technology in totality regardless of the enormous potential and advancements in the digital world. This has been impactful on revenue and added value. The objective of this paper is to examine the impact of technology in accounting for revenue generation in Nigeria after the covid-19 lockdown and how the use of AI can be deployed to improve revenue and block leakages in the system. The study concludes that effective utilization of artificial intelligence and other information technology in accounting for revenue generation in Nigeria will become ready tools for government, therefore, increasing revenue generation. The study, therefore, recommends that technology, particularly AI, is an important opportunity for Nigeria and if the government can successfully navigate the challenges, it can be a driver for economic growth and development

Keywords: Artificial Intelligence, Information Technology, Accounting for Revenue, COVID-19


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