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FG approves import duty exemption certificate

Mrs. Zainab Ahmed, Minister of Finance, Budget and National Planning

The Federal Executive Council
(FEC) has given approval for the procurement of an electronic gateway platform
for the processing of import duty exemption certificates as well as vehicle
identification and registration numbers, under the Federal Ministry of Finance,
Budget and Economic Planning.

The Minister of Finance, Budget
and National Planning, Mrs. Zainab Ahmed, said that an approval was granted to
automate the process of the various applications for exemption that were coming
to the ministry.

She said the categories of import
duty payments and other tax incentives covered a number of sectors, including
the downstream gas-utilisation projects, the agro allied processing projects,
commercial aircraft engines and spare parts, automobile assembly, iron and
steel production, power including thermal hydro, solar and wind, textiles-
plants, machinery and equipment imported for use for mining operations.

“In the process of these
exemptions, we realised that government was actually ceding quite a significant
amount of revenue through this process. Because the process was largely paper
based, we got approval to automate this process, to enhance efficiency, to
block possible leakage and also to reduce the amount of time that the ministry
takes to review this exemption request and provide the necessary approvals. This
portal will be managed by the ministry and the Nigeria Custom Service.

 “The vehicle identification number will be
available to any user to access to find out information on vehicles. On our
part, on the IDEK component, we will be able to see how much waivers have been
granted to which sectors and also track the performers of those waivers and
reduce the cost subsequently,” Ahmed said.

The portal is an undertaking in
the form of a PPP between the Ministry of Finance and Messrs Fore-core
Technology Solutions limited.

The company will develop, deploy,
manage and transfer back to the ministry. They are to be earning a revenue
which is coming from IDEK application fee; they will earn 10 per cent of the
revenue to enable them recover the cost of deployment as well as the management
of the project, which will be over a 10-year period.

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