Lagos — The Federal Ministry of Finance in collaboration with the Nigeria Customs Service, NCS, have commenced moves to create a vehicular created a vehicle database with a view to checkmating import duty evasion and theft.
Speaking at the just concluded training programme, hosted by the Nigeria Custom Service, NCS, Nnamdi Nwajiuba, Business Analyst, Fourcore Technology Solutions Limited, Consultant to the Federal Ministry of Finance on the VREG, said that policy will provide lasting solutions to the menaces of customs duty evasion, vehicle theft & vehicle-related crimes, and ineffective vehicle insurance coverage, among others, owing to the absence of a centralized nationwide vehicular information system.
Nwajiuba explained that all vehicle owners in the country are simply required to register their vehicle using their vehicle identification number on the VREG portal adding that accessible via the VREG platform.
He stated that the platform is connected to multiple global databases and vehicle history repositories for the robust curation and storage of vehicular data of all vehicles entering into the country.
He said: “By virtue of VREG’s connection to multiple stakeholders such as Nigeria Customs Services, NCS, National Insurance Commission, NAICOM, Vehicle Inspection Office VIO, Central Bank of Nigeria, CBN, and Federal Road Safety Commission, FRSC; VREG is able to provide duty payment validation, vehicle ownership documentation, vehicle insurance validation, asset assessment for the moveable asset registry, and vehicle history reporting.
“The availability of a robust vehicular information database to better inform fiscal policy formulation and economic planning for the Federal Government.
“Nigeria Customs duty clearance verification, to boost anti-smuggling efforts of the Nigeria Customs Service. Reduction in vehicle-related crimes and theft through improved vehicle information and tracking.
“Improved road and road user safety from enhanced vehicle road-worthiness and traffic regulation compliance.
“Robust and effective vehicle insurance coverage to be sustained by comprehensive vehicular information.
The establishment of a moveable asset registry for Nigerians by virtue of standardized vehicle information stored on the National Vehicle Registry.