The Federal Government has reaffirmed its commitment to implementing the National Single Window initiative, aimed at plugging revenue leakages, enhancing trade facilitation, and improving efficiency in international trade transactions.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this when he appeared before the National Assembly Joint Committee on Customs and Tariffs.
Edun emphasised the significance of customs revenue, which remained a major contributor to the Federation Account, benefiting both federal and state governments.
He said that the federal government was working towards achieving higher revenue through more efficient processes and blocking loopholes and leakages.
The National Single Window initiative is part of these efforts, designed to streamline trade transactions and reduce opportunities for revenue leakage.
The minister also highlighted the government’s commitment to addressing economic distortions following the removal of fuel subsidies and the adoption of a market-determined foreign exchange system.
He noted that price equalisation remained the most viable approach to policing market dynamics and ensuring fair competition.
Edun acknowledged ongoing challenges in Nigeria’s trade payment system, particularly informal transactions.
”Many trade transactions are conducted outside formal channels, and the government is working on reforms to improve the system.
”This includes the possibility of settling imports and even crude oil sales in naira,” he said .
The minister also raised concerns about youth-led digital payments that escape the scrutiny of financial regulators, emphasising the need to bring such transactions into the formal financial system.
The government’s goals for these reforms include improving revenue collection, enhancing trade facilitation, and promoting economic stability.
By implementing the National Single Window initiative and addressing informal transactions, the government aims to create a more efficient and transparent trade environment, ultimately benefiting the economy and the Nigerian people.
