The Federal Government has restated plans to implement the National Single Window, an initiative of the Bola Tinubu administration to plug revenue leakages, enhance trade facilitation and improve efficiency in international trade transactions.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this when he appeared before the National Assembly Joint Committee on Customs and Tariffs on Monday.
Edun said, “Customs revenue is significant and remains a major contributor to the Federation Account for the benefit of both the federal and state governments. We are working towards achieving higher revenue through more efficient processes and by blocking loopholes and leakages.”
He further stated that the government remained committed to addressing distortions in the economy following the removal of fuel subsidies and the adoption of a market-determined foreign exchange system.
The minister noted that price equalisation remained the only viable approach to policing market dynamics and ensuring fair competition.
Speaking on trade settlements, the minister acknowledged ongoing challenges in Nigeria’s trade payment system, particularly informal transactions.
“Many of our trade transactions are conducted outside formal channels. We are working on reforms that will improve the system, including the possibility of settling imports and even crude oil sales in naira,” he stated.
The finance minister raised concerns about youth-led digital payments that escape the scrutiny of financial regulators, underscoring the need to bring such transactions into the formal financial system.
