Chief Adebayo Olawale Edun, Minister of Finance, & Coordinating Minister of the Economy
Nigerians have been persuaded to braze up for the new digitalized vehicle administration which is with the view to enhance road safety, security of occupants, owners, and the vehicle, enhance insurance of the vehicle, and the revenue and data analytics for government’s policy formulation and implementation among others.
The efficient implementation of the innovative approach to vehicle administration was also said would mitigate, the menaces of customs duty evasion, paucity of data for vehicular policy formulation, revenue leakages, vehicle theft, and vehicle-related crimes. Also to put in check are issues such as challenges in road traffic regulation enforcement, limited access to credit facilities and ineffective vehicle insurance coverage & monitoring and evaluation.”
Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, made an exposition at a zonal sensitization seminar on National Vehicle Registry (VREG) organized by the Federal Ministry of Finance, Abuja.
Wale Edun said the registration of all vehicles in Nigeria under the National Vehicle Registry, NVREG, which was introduced in 2021, will help the government to mobilize more revenues and fight motor vehicle-related crimes that had been sustained over the years due to the absence of a centralized platform for national vehicular information.
He said VREG had brought about online real-time dynamic information exchange among relevant stakeholders, bringing about the optimization and plugging of revenue leakages associated with vehicle importation, vehicle insurance administration, and motor vehicle administration.
He placed before the participants what the next stage of the VREG project should accomplish, the completion of technical integrations with the Central Motor Registry (CMR) of the Nigeria Police Force (NPF), and the National Vehicle Information System (NVIS) of the Federal Road Safety Commission (FRSC).
Also deserving attention the minister noted was the strengthening of collaborative efforts with the National Automotive Design and Development Council (NADDC), and the Joint Tax Board (JTB).
In his remark, the Permanent Secretary, of the Federal Ministry of Finance, Mr. Okon Ekanen Udo, urged participants to give careful consideration to the synergy among stakeholders’ which he noted will enable the program to flow seamlessly thus the VREG goal will be accomplished in record time.
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