Minister of Finance, Budget and National Planning Mrs Zainab Ahmed says the pilot phase of National Vehicle Registry (VREG) has commenced at the Nigeria Customs Service Kirikiri Light Terminal in Lagos.
Speaking during an even that was organised to enlighten the public on vehicle transfer and processing in Abuja yesterday, the minister said the vehicle registry policy “will, among others, serve as a single source of validation at the point of vehicle registration while capturing and storing all vehicular information over the life cycle of every vehicle for the purpose of effective motor vehicle administration, ensuring the enforceability of penalties placed on vehicles by regulators across board and ensuring accurate monitoring, documentation and tracking of vehicular activities across the nation to enhance national security.
“In the midst of dwindling revenue orchestrated by falling oil prices, mono economy and further worsened by revenue leakages from unplugged loopholes such as customs duty payment evasion. It became imperative that the government be responsive to these issues,” she remarked yesterday.
VREG is a national repository of vehicular information that seeks to provide a singular platform through which all relevant agencies would reference vehicular data with a view to ascertaining ownership and value information, capturing vehicular exchanges and utilising the VIN of all vehicles in Nigeria.
According to her, the stakeholder relationships that will facilitate the achievement of the goals of VREG include: interchange of information with Federal Road Safety Corps (FRSC) and state revenue systems on nationwide vehicle registration, ownership, history, and for proper road traffic regulation and violation enforcement.
The ministry launched the VREG automated gateway portal, in line with its Strategic Revenue Growth Initiative, as a means to leveraging technology infrastructure to maximize revenue generation.
The National Bureau of Statistics (NBS) had said between 2015 to 2019, Nigeria imported an average of 300,000 vehicles with an average of 48 per cent increase in import annually.
Mrs. Ahmed assured participants of the unwavering commitment of the administration to the economic development and security of the country through deployment and implementation of such platforms. “We are, therefore, counting on your support and cooperation towards the successful implementation of this laudable, about- time technology-driven initiative.