FG to implement National Single Window to curb revenue leakages.
The Federal Government has unveiled plans to implement the National Single Window to curb revenue leakages, enhance trade facilitation, and improve efficiency in international trade.
The Minister of Finance and Coordinating Economy, Wale Edun, who announced this before the National Assembly Joint Committee on Customs and Tariffs, describing Customs revenue as a major contributor to the Federation Account.
He stated that the government aims to boost revenue through efficient processes and blocking leakages, with ongoing efforts to address economic distortions post-fuel subsidy removal and with a market-determined foreign exchange system.
Acknowledging that challenges exist in Nigeria's trade payment system due to informal transactions, noting that reforms may allow settling imports and crude oil sales in naira, Edun expressed concerns about youth-led digital payments escaping regulatory scrutiny, needing formalization.
#UTVAfrica
