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FG To End Vehicle Smuggling, Evasion Of Customs Duty By Vehicle Importers Through VReg
FG set to end vehicle smuggling, evasion of customs duty by vehicle importers through VReg.
Launched in 2021, the VREG integrates vehicles’ data across NCS, VIO, the Police and the FRSC.
The Federal Government has announced plans to end vehicle smuggling, evasion of customs duty by vehicles Importers as well as vehicle-related crimes through the National Vehicle Registry Policy (VREG).
Launched in 2021, the VREG integrates vehicles’ data across several agencies, including the Nigeria Customs Service (NCS), Vehicles Inspection Offices (VIO), the Police and the Federal Road Safety Corps (FRSC).
Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, made this known at the VREG Zonal Sensitisation campaign in Abuja on Tuesday.
He said:
“In the midst of dwindling revenue orchestrated by falling oil prices and mono-economy further worsened by revenue leakages from unplugged loopholes such as customs duty payment evasion, it became imperative that government provided effective responses to these issues.
“Furthermore, the absence of a dynamic and centralised 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 huge vacuum had sustained the menaces of customs duty evasion, paucity of data for vehicular policy formulation, nationwide vehicle administration for revenue leakages, vehicle theft and vehicle-related crimes, challenges in road traffic regulation enforcement, limited access to credit facilities and ineffective vehicle insurance coverage and monitoring and evaluation.
“It is worthy to note that since the emergence of VREG in 2021, several benefits of the registry have been achieved amongst which include, utilisation as a tool to mitigate the evasion of customs duty administration.
“Currently, VREG has been able to seamlessly integrate with the critical stakeholders in attendance today and these connections have brought about real-time, dynamic information exchange.”
