THE EFFECT OF THE NATIONAL VEHICLE REGISTRATION ON INSECURITY AND REVENUE GENERATION
By: Ronaldson Diete-Spiff, Esq
The Federal Government of Nigeria in a bid to eliminate the insecurity issues in the country has established the National Vehicle Registry (also known as VREG) in line with the Strategic Revenue Growth initiative. This will generate income for the country and fight against insecurity. This call was made by Mrs. Zainab Ahmed, Minister of Finance, Budget and National Planning at a seminar held at Grand Central Hotel, Kano wherein the ministry is burdened with the control of the nation’s finances and revenue streams.
In attendance were key stakeholders in the industry, which included: the Vehicle Inspection Officers (VIO), Office of the National Security Adviser (ONSA), Central Bank of Nigeria (CBN), Nigerian Customs Service (NCS), Nigerian Police Force (NPF), Federal Road Safety Corps (FRSC), amongst others. The Minister, who is in control of the nation’s finances, as encapsulated in her portfolio, stated that due to the failing state of the economy – with falling prices of oil in the market and customs duty payment evasion, the revenue of the country is dwindling.
Undoubtedly, the government has initiated the VREG gateway portal to remedy the situation most, especially in the area of security, particularly, terrorism. The introduction of VREG will reduce the issues of kidnapping and terrorism, which seem to be fast growing menaces and if not addressed at this stage, will continue to negatively impact the economy.
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