FG projects 5% yearly revenue growth with VREG
The Federal Ministry of Finance, Budget and National Planning (FMBNP) has projected a five percent increase in the nation’s yearly revenue with the newly introduced National Vehicle Registry (VREG).
VREG, according to the ministry, would provide more information on the history of any vehicle plying the major cities and roads across the country.
Director of Information, Federal Ministry of Finance, Mr. Charlse Nwodo, at the ministry’s zonal seminar in Lagos at the weekend, said the implementation of VREG would boost government’s revenue.
The new initiative would also enable government agencies to track any stolen vehicle any where.
The Federal Ministry of Finance, in collaboration with the Nigeria Customs Service (NCS), last April, commenced moves to create a database for imported vehicles to checkmate import duty evasion and theft.
VREG, according to government sources, would provide solution to the menace of Customs duty evasion, vehicle theft and vehicle-related crimes, as well as ineffective vehicle insurance coverage, among others, owing to the absence of a centralised nationwide vehicle information system.
Nwodo explained that the idea behind the programme is to explain to relevant government agencies on the need to have one window for vehicle registration.
“Today’s event is epoch-making in the sense that it will attract enormous revenue for government it will also help to check the influx of vehicles into the country, especially the stolen ones. If we achieve this, we will be able to track down stolen vehicles. It will also help government and the individual to have the history of any vehicle plying the country’s roads. The government will be able to known if a vehicle is an accidented vehicle. VREG will be able to provide these and many other security details of any vehicle,” he said.
The Lagos State Commissioner for Transportation, Frederic Oladeinde, who also spoke at the event, said about three million vehicles ply the state roads and that a lot of crimes were committed with some of these vehicles.
Oladeinde noted that most of the people who commit crimes do not have any fixed address.
“Aside boosting the revenue drive of the state, we also see it as a way of cubing crime and making sure that Lagosians are safe.
“It would also provide us valid data on how to develop road infrastructures. It would help us harmonise data among various government agencies. Individual agencies have data which we have not been able to harmonise in the interest of the country. Above all, government would know who owns a particular vehicle and what it is used for,” he observed.
He urged Nigerians to ensure that they have their vehicles registered.
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