Pilot phase of vehicle registration has commenced, Says Finance Minister

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has disclosed that the pilot phase of VREG has commenced at the Nigeria Customs Service Kirikiri Light Terminal.

She stated this in a keynote address at the recently held nation-wide seminar on the VREG in Abuja, which she said was meant to enlightened the public on vehicle transfer and processing.

According to her, VREG is powered by interconnected interactions of key agencies, parties, and stakeholders.

“These communication and connection channels facilitate the robust functionalities of the national vehicle registry.

The stakeholder relationships that will facilitate the achievement of the goals of VREG include: Interchange of information with Federal Road Safety Corps (FRSC) and state revenue systems on nationwide vehicle registration, ownership, history, and for proper road traffic regulation and violation enforcement.

The stakeholder relationships also include providing the Nigerian Customs with guidance in all clearing, duties, registration and redistribution of vehicle, targeted at ensuring that all vehicles are trackable and taxable. This is also to generate more revenues; aggregation and regularisation of vehicle insurance across the country when the National Insurance Commission (NAICOM) is integrated into VREG.

The stakeholder relationships also include “communication between Central Bank of Nigeria’s moveable asset registry and VREG, to provide dynamic records of vehicular assets thus boosting lendability to Nigerians; integration with Nigerian Police Force and security agencies such as Office of the National Security Adviser, to facilitate robust nationwide vehicular tracking, and comprehensive theft and other vehicle-related crimes reporting.

The national vehicle registry policy of the federal government “will, among others, serve as a single source of validation at the point of vehicle registration while capturing and storing all vehicular information over the life cycle of every vehicle for the purpose of effective motor vehicle administration, ensuring the enforceability of penalties placed on vehicles by regulators across board and ensuring accurate monitoring, documentation and tracking of vehicular activities across the nation to enhance national security.