The Federal Executive Council has approved the establishment of an electronic cargo tracking note scheme for Nigeria.
The News Agency of Nigeria reported that the Minister of Transportation, Alhaji Mu’azu Sambo, informed State House correspondents of this at the conclusion of the Council meeting held on Wednesday in Abuja under the chairmanship of President Muhammadu Buhari.
“Council considered and approved our submission to implement an Electronic Cargo Tracking Note Scheme for Nigeria, as it is in 26 other African countries, to address among other things, under declaration at ports, secure our imports and exports, and provide transparency in cargo invoicing and declarations,” he said.
When completely implemented, the plan, according to Sambo, may increase Nigeria’s revenue profile to between 90 and 235 million dollars annually.
“The scheme’s implementation will address the difficulties of inadequate declaration, concealment, and incorrect cargo categorization, which are the main contributors to income leaks, insecurity, and general security concerns at the borders.
The deployment and implementation of this cutting-edge ECT program will guarantee the closure of gaps in border operations and increase the government of Nigeria’s revenue from customs, port fees, and levies.
The Nigerian government is likely to get revenues from this plan ranging from around 90 million dollars annually to a peak of about 235 million dollars annually, he said.
The minister stated that a coalition of five enterprises, including a foreign technical partner and four local businesses, would install the planned electronic platform at no cost to the Nigerian government.