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FG promises to increase revenue from maritime sector

By on October 22, 2015

A significant opportunity exists for the federal government to increase its revenue generation in the maritime industry and there are plans in the works to ensure this, the Vice-President, Prof. Yemi Osinbajo, has said.

He made this observation on Tuesday in his office when he received  a delegation from the Federal Ministry of Transport led by Mr. Danjuma Dauda; the Director, Maritime Safety and Security, who represented the Permanent Secretary of the Ministry.

A statement by the Special Assistant to the Vice-President on Media and Publicity, Mr. Laolu Akande said Osinbajo noted that the International Cargo Tracking Note (ICTN) scheme had the potential to enhance government revenue being generated at the nation’s ports.

The ICTN is a web-based technological tool that monitors cargo from port of loading to destination.

Osinbajo said: “I think that we have an opportunity to do something that will radically transform all of the things we do, especially revenues from cargoes coming into the country.’’

While appreciating the innovative idea of the ICTN, the vice president  emphasised the need to interrogate any possible weakness of the scheme.
While responding to the presentation by the Executive Secretary of the Shippers’ Council, Mr. Hassan Bello, Osinbajo commended the ICTN idea saying: ‘’I think this is fantastic, this is an excellent innovation,’’ promising government support.

In his presentation, Bello said the scheme was primarily meant to provide accurate shipping data, monitor and verify cargo on transit from port of loading to port of destination.

According to him, when it becomes operational, it would lead to the reduction of cargo port transit time, reduction of fraud and maximisation of government revenues, improvement of risks management and security of foreign trade transactions.

He added that the maritime industry was currently generating only 10% of potential revenue and that there was  room for improvement.

The International Cargo Tracking Note scheme is a West and Central African sub-regional initiative successfully nurtured and promoted by the Union of African Shippers’ Councils (UASC) and implemented by most member countries of the union.

 

[ThisDay]