The Federal Government (FG) is fast-tracking the implementation of the National Single Window (NSW), a key initiative under President Bola Tinubu’s administration, to enhance transparency, curb revenue leaks, and streamline trade processes.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, confirmed this commitment yesterday during his appearance before the National Assembly Joint Committee on Customs and Tariffs.
He emphasised the government’s resolve to digitise trade operations, increase customs revenue, and formalise informal economic transactions.
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“We will soon implement one of His Excellency, Mr President’s legacy projects, the National Single Window,” Edun stated.
“It will tackle trade facilitation, port community systems, and prevent revenue leakages. This system will introduce speed and efficiency to international trade transactions and complement our other economic reforms.”
The Minister explained that the National Single Window is a digital platform designed to integrate all government bodies involved in trade.
He said once fully operational, it is expected to drastically cut down the time required for cargo clearance, boost transparency, and significantly increase government income.
Edun highlighted that improving the efficiency of the Nigerian Customs Service (NCS) is crucial for increasing non-oil revenue.
He noted that the NCS remains a vital contributor to the Federation Account.
He stressed that enhancing its performance is a national priority.
“Customs revenue is significant and remains a major contributor to federal and state governments. We are working towards achieving higher revenue through more efficient processes and by blocking loopholes and leakages,” he added.
Concern was also raised by the Minister regarding Nigeria’s trade settlement system, which he described as plagued by informal dealings and inefficiencies.
Edun hinted at impending reforms that might permit imports and even crude oil sales to be settled in naira, a strategic move intended to ease pressure on the nation’s foreign exchange.
Lawmakers demand action on customs funding, approvals
During the session, Senator Issa Jibrin, chairman of the National Assembly Joint Committee on Customs and Tariffs, called for the immediate activation of a statutory 4% ‘Free On Board’ (FOB) charge to finance customs operations, as mandated by law.
Jibrin also demanded the swift release and deployment of available funds for crucial customs modernisation projects.
He voiced frustration over the prolonged delays in project approvals, citing over N50 billion worth of NCS projects awaiting Federal Executive Council (FEC) clearance, some of which have been pending since August 2023.
“We passed a resolution that the Nigerian Customs Service should stop collection of 1 per cent CISS and 7% cost of collection as these are not backed by the parliament,” Jibrin asserted.
“We also want a monthly report of the implementation of the 4% FOB.” Lawmakers accused the Finance Ministry of holding up vital approvals and demanded immediate explanations.
Another pressing issue raised was the proliferation of youth-led digital payment systems operating outside the purview of financial regulators.
Edun expressed concern about the implications for national revenue and the broader economy.
“There is a growing segment of youth-led digital payments escaping the financial regulatory net. We must work towards integrating these into the formal system to ensure effective monitoring and proper taxation,” he stated.
Meanwhile, NCS Comptroller-General, Adewale Adeniyi, clarified that while rice importation is restricted, it is not entirely banned.
He emphasised, “However, importation through the land borders is not allowed.”
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The National Assembly session ended by adopting a resolution urging the immediate implementation of the 4% FOB charge and improved reporting mechanisms.
Lawmakers also pressed the Ministry of Finance to expedite approvals for pending customs modernisation projects.
