Fed Govt To Automate Import Duty Waivers
The Federal Government is to automate import duty exemptions to be able to monitor the performance of such waivers electronically.
The Ministry of Finance, Budget and National Planning is to launch the platform in conjunction with the Nigeria Customs Service.
The government regularly grants import waivers to investors, especially in non-oil sector areas.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed the plan for the automated platform after the Federal Executive Council meeting on Wednesday in Abuja.
The meeting presided over by Vice-President Yemi Osinbajo approved the project.
She said over the years, the exemptions were done through paper work that did not exactly capture the details of performance, including possible revenue losses by the government.
Zainab said, “In the process of these exemptions a couple of years ago, we realised that government was actually ceding quite a significant amount of revenue through this process.
“Because the process was largely paper-based, we got approval today to automate this process; to enhance efficiency; to block possible leakages and also to reduce the amount of time that the ministry takes to review these exemption requests and provide the necessary approvals.
“This portal will be managed by both the ministry as well as the Nigeria Customs service.”
The minister also said FEC approved another platform for vehicle number identification.
She stated, “The vehicle identification number will be available to any user to access to find out information on vehicles.
“The portal is undertaken in the form of a Public Private Partnership between the Ministry of Finance and Fore-core Technology Solutions Limited.”
She also spoke on stamp duty collection, saying that the Federal Inland Revenue Service had the sole responsibility to collect stamp duty in line with the new Finance Act passed by the National Assembly.
She said the FIRS would collect the N50 stamp duty and remit directly to the government’s accounts.
Until the Finance Act resolved the dispute between the FIRS and the Nigerian Postal Service over stamp duty, the N43bn collected as stamp duty was warehoused by the Central Bank of Nigeria.
FEC also approved two roads, the Tagwai-Kasa-Doguwa road in Kano State for N8.436bn; and the Akaleri-Situk road in Bauch State for N32.015bn.
The Minister of Works and Housing, Mr Babatunde Fashola, who spoke on the road contracts, explained that they were contained in the 2019 budget.
He added that approval was also given to re-scope the contracts for the Ijebu-Igbo road near the Oyo State border in Ogun State, and the Ijebu-Igbo – Ita-Igba – Owonowe to Ibadan road, connecting Oyo and Ogun states.
Another proposal approved by FEC on Wednesday was the sum of N307.5m for the National Agency for Food and Drug Administration and Control to buy 15 Toyota Hilux for its operations.
