L-R: Minister of Finance, Zainab Ahmed receiving the Certificate from the ICRC) Director General, Engr Chidi Izuwah (Snr)
By CLEMENT NWOJI, Abuja
The Federal Government has received certification on Full Business Case Certificate of Compliance for the Import Duty Exemption Certificate (IDEC) project aimed at preventing annual revenue leakage of over N2.5 trillion.
Minister of Finance, Zainab Ahmed, received the certificate on behalf of the government from the Director-General/CEO of Infrastructure Concession Regulatory Commission (ICRC), Engr Chidi Izuwah (Snr) in Abuja.
She said before the full implementation of the project, the Federal Executive Council (FEC) would give its approval to enhance Public Private Partnership (PPP).
The Minister assured that the Ministry would take full advantage of the IDEC portal and put it into full use to enable the Federal Government get full value for its revenues, noting that the government had been experiencing a significant drain in revenues due to the inability to adequately control the IDEC processes.
She recalled that the non implementation of the project caused a revenue loss of N2.5 trillion in 2017 and N2.1 trillion in 2018.
According to her, “The portal will help us control. It will help us to be able to tract and monitor the IDEC that we issue, but also to monitor the performance of the companies that we give this IDEC to and we will also be able to interface the IDEC system with the Nigeria Customs Service.”
Earlier, the Director-General of ICRC, Engr. Izuwah noted that IDEC project is a very laudable one, which is considered as urgent importance to enable the country cut the huge revenue loses to the tune of over N2 trillion due to manual processes.
Engr Izuwah further noted that the Federal Ministry of Finance under Section 12 of the ICRC Act is required to diligently supervise the project and ensure that government realises full value, the interest of government protected and reap the full benefits of the project.
On the other hand, the ICRC under Section 10 of its act is required to collaborate with the Federal Ministry of Finance and regularly inspect the project and ensure compliance, to ensure that the public and the private are doing what they have covenanted.