FG MOVES TO HALT SMUGGLING OF STOLEN VEHICLES INTO NIGERIA

Federal Government has introduced a system of National Vehicle Registry, VREG, to tackle smuggling and dumping of stolen vehicles into the country.

The Minister of Finance, Budget and National Planning, Dr. Zainab Shamsuna Ahmed disclosed this while declaring open a one day zonal sensitization programme on the system, VREG for stakeholders in Kano.

Ahmed represented by her Director, Technical Services, Hajia Fatima Hayatu said Nigeria has been a hub of stolen vehicles as most Vehicle Identification Number (VIM) in the country were unregistered rendering the vehicles difficult to trace hence the need to introduce the system.

According to her, “The National Bureau of Statistics confirmed that between 2015 and 2020, Nigeria imported an average of 400,000 vehicles with an average of 8% increase in import annually. While an additional 40% of vehicles are smuggled into the country annually, thus evading duty payment of which 22% of these vehicles are stolen vehicles.

However, a case study has revealed that between October, 2018 to September, 2019 the country recorded over 1.8 trillion naira value of used vehicle importation.

 It was further revealed that Nigeria was hub of stolen vehicles as Vehicle Identification Number (VIM) of vehicles in the country were unregistered, consequently, vehicles within the shores of Nigeria cannot be traced.

Credit: Eons Intelligence