Politics
Breaking News: FG Set To Put An End To Vehicle Smuggling In To Nigeria
Breaking News: FG Set To Put An End To Vehicle Smuggling In To Nigeria....KINDLY READ THE FULL STORY HERE▶
The Federal Government is poised to eradicate the illicit smuggling of vehicles into the country through the implementation of the National Vehicle Registry Policy, VREG. This policy integrates comprehensive vehicle data from various agencies, including the Nigeria Customs Service, Vehicles Inspection Offices, the Police National Central vehicles database, and the Federal Road Safety Corps’s database.
During the VREG Zonal Sensitization campaign in Abuja, the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, emphasized that this initiative aims to combat customs duty evasion by importers of vehicles. He stated that the Federal Ministry of Finance, tasked with managing the nation’s finances and revenue streams, recognizes the need for effective responses to issues such as falling oil prices, a mono-economy, and revenue leakages from customs duty payment evasion.
Mr. Edun highlighted the absence of a centralized platform for national vehicular information, despite Nigeria being the largest importer of vehicles in Africa with an additional 15 million vehicles operational in the country. This void has perpetuated challenges such as customs duty evasion, insufficient data for vehicular policy formulation, nationwide vehicle administration leading to revenue leakages, vehicle theft, vehicle-related crimes, difficulties in enforcing road traffic regulations, limited access to credit facilities, and ineffective vehicle insurance coverage and monitoring.
The Minister noted that since the inception of VREG in 2021, numerous benefits have been realized. These include its use as a tool to mitigate customs duty administration evasion. The VREG has successfully integrated with key stakeholders, enabling real-time and dynamic information exchange, thereby addressing longstanding challenges associated with vehicular activities and administration in the country.
Source: Bushradiogist
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