The Federal Government has reaffirmed its intention to implement the National Single Window – a flagship initiative of President Bola Tinubu’s administration – aimed at curbing revenue leakages, facilitating trade, and improving efficiency in international trade operations.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known on Monday during his appearance before the Joint Committee on Customs and Tariffs of the National Assembly.
Edun remarked, “Customs revenue is substantial and remains a key contributor to the Federation Account, benefitting both federal and state governments. We are striving to achieve increased revenue by streamlining processes and eliminating loopholes and leakages.”
He further emphasised the government’s continued resolve to address economic distortions following the removal of fuel subsidies and the adoption of a market-determined foreign exchange rate.
The minister also noted that price equalisation remained the most viable strategy for managing market dynamics and promoting fair competition.
On the issue of trade settlements, Edun acknowledged persistent challenges within Nigeria’s trade payment system, particularly those stemming from informal transactions.
“A significant portion of our trade is conducted outside formal mechanisms. We are undertaking reforms to improve the system, including the potential for settling imports and even crude oil sales in naira,” he stated.
The Minister also expressed concern over the rise in youth-driven digital payments that evade regulatory oversight, stressing the need to integrate such activities into the formal financial system.