The Federal Executive Council (FEC) has approved the Electronic Cargo Tracking System (ECT) to aid the elimination of oil theft in the country.
The Minister of Transportation, Mu’azu Sambo, whle underlining that the tracking system which intrinsically ensures the elimination of loopholes in border operations and provides a boost to the Federal government’s revenue in form of duties, port charges and levies, said it is also expected to generate up to 235-million-naira revenue for the Federal Government.
Sambo noted that 26 other African countries are already implementing the tracking scheme.
He stated that “The implementation of the scheme will abet the problems of under declaration, concealment and wrong classification of cargo, which are the primary causes of revenue leakages, insecurity and general security issues at the borders.
“The deployment and implementation of this state of the art ECT scheme will ensure the elimination of loopholes on border operations and boost the revenue of the Nigerian government in form of duties, Port charges and levies.”
