FG moves to fully implement National Single Window to curb trade leakages

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The Federal Government on Monday reaffirmed its commitment to fully implementing the National Single Window (NSW) to streamline the processing of international trade transactions across all relevant agencies and plug revenue leakages.

Launched in 2024 under the administration of President Bola Tinubu, the NSW is an electronic processing platform designed to integrate and harmonise data from key government agencies, including the Nigeria Customs Service (NCS), Nigerian Ports Authority (NPA), National Agency for Food and Drug Administration and Control (NAFDAC), among others.

The initiative aims to boost efficiency, transparency, and competitiveness in trade operations.

Speaking before the National Assembly Joint Committee on Customs and Tariffs in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, addressed the policy direction.

Available records show that in 2024, the NCS generated ₦6.1 trillion in revenue, exceeding the year’s initial projection of ₦5.08 trillion by 20.2%. This marked a 90.4% increase compared to the ₦3.2 trillion collected in 2023.

Policies such as the NSW are expected to further enhance total revenue by eliminating systemic leakages.

Reflecting this expectation, the Senate Committee on the NCS, chaired by Senator Isah Jibrin, proposed a ₦10 trillion revenue target for the agency this year.

Highlighting the importance of customs in revenue generation, the minister 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.”

Edun also noted that the government remains focused on correcting distortions in the economy following the removal of petrol subsidies and the adoption of a market-driven foreign exchange system.

Regarding trade settlements, the minister pointed to persistent issues in Nigeria’s trade payment systems, especially informal transactions, and noted that the government is taking steps to address them.

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“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 added.

The session also addressed the implementation of the 4% Free-On-Board (FOB) charge aimed at strengthening the NCS. Senator Jibrin queried the delay in activating the law.

“Do we subject something that has been passed into law to further debate or defence? We accepted that the 4% be implemented immediately because it is law,” he said.

The committee subsequently passed a resolution mandating the immediate implementation of the FOB charge.

In a related development, the joint committee urged Edun to expedite the release of funds for the NCS modernisation projects, especially the ₦50 billion project still awaiting approval from the Federal Executive Council (FEC).

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