The Federal Government has reiterated its commitment to fully implement the National Single Window initiative—part of President Bola Tinubu’s economic reform agenda—to curb revenue leakages and enhance international trade efficiency. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during his appearance before the National Assembly Joint Committee on Customs and Tariffs. He emphasized that Customs remains a key revenue source for the Federation Account, and streamlining trade processes through the Single Window will significantly boost revenue generation.
Mr. Edun noted that the government is also addressing economic distortions caused by the removal of fuel subsidies and the shift to a market-driven foreign exchange system. He said price equalization remains critical for maintaining stability and promoting healthy market competition. On trade settlements, the Minister highlighted persistent issues in Nigeria’s payment system, particularly due to the dominance of informal transactions, and revealed that reforms are underway to explore settling import and crude oil transactions in naira.
Additionally, the Minister expressed concern over the growing volume of youth-led digital payments that bypass regulatory oversight. He stressed the importance of integrating these transactions into the formal financial system to enhance transparency, regulatory compliance, and long-term economic stability.
