FEC Okays Deployment of Cargo Tracking Note at Ports by Shippers Council
SAMBO
*CTN will end crude oil theft, check fraudulent practices at ports
By Our Reporter
The Federal Executive Council (FEC) on Wednesday approved the much awaited deployment of Cargo Tracking Note (CTN) at the nation’s seaports.
FEC gave its nod during a meeting presided over by President Muhammadu Buhari, according to the Transportation Minister, Alhaji Muazu Sambo, who briefed the State House Correspondents in Abuja.
CTN will be deployed by the Nigerian Shippers Council (NSC) as the ports economic regulator in what is expected to check issues of under-declaration, concealment and under-valuation by shippers and shipping lines.
The approval followed a memo by the Minister of Transport who explained that the CTN ensure accuracy in what comes and what goes out of the country.
He also added that CTN will check wrong calculations and other fraudulent practices in the ports.
The minister disclosed that the facility will be deployed by a Belgium firm and other Nigerian companies at no cost to the federal government.
The Minister also claimed that when CTN begins operation, it will raise revenue base of government from $90 million to $235 million per annum, though he did not say which type of revenue to be raised.
He also said the CTN will help in effective tracking of crude oil export, adding that this will end crude oil theft in the country.
He said, “We are looking at installing electronic cargo tracking device which will take care of under-declaration, and secure our export and import cargo invoicing. Ghana, Benin Republic and a number of other countries are already using it and they have all recorded improvement in their port services, especially issues of concealment and wrong calculation for cargoes.”
By Our Reporter
The Federal Executive Council (FEC) on Wednesday approved the much awaited deployment of Cargo Tracking Note (CTN) at the nation’s seaports.
FEC gave its nod during a meeting presided over by President Muhammadu Buhari, according to the Transportation Minister, Alhaji Muazu Sambo, who briefed the State House Correspondents in Abuja.
CTN will be deployed by the Nigerian Shippers Council (NSC) as the ports economic regulator in what is expected to check issues of under-declaration, concealment and under-valuation by shippers and shipping lines.
The approval followed a memo by the Minister of Transport who explained that the CTN ensure accuracy in what comes and what goes out of the country.
He also added that CTN will check wrong calculations and other fraudulent practices in the ports.
The minister disclosed that the facility will be deployed by a Belgium firm and other Nigerian companies at no cost to the federal government.
The Minister also claimed that when CTN begins operation, it will raise revenue base of government from $90 million to $235 million per annum, though he did not say which type of revenue to be raised.
He also said the CTN will help in effective tracking of crude oil export, adding that this will end crude oil theft in the country.
He said, “We are looking at installing electronic cargo tracking device which will take care of under-declaration, and secure our export and import cargo invoicing. Ghana, Benin Republic and a number of other countries are already using it and they have all recorded improvement in their port services, especially issues of concealment and wrong calculation for cargoes.”
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