FG Reaffirms Commitment to National Single Window to Curb Revenue Leakages

The Federal Government has reiterated its commitment to launching the National Single Window (NSW) — a flagship initiative of the Bola Tinubu administration — aimed at curbing revenue leakages, streamlining trade processes, and boosting efficiency in international commerce.

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 on Monday.

“Customs revenue remains a critical pillar of the Federation Account, supporting both federal and state governments,” Edun noted. “We are pursuing reforms to maximise revenue through improved efficiency, while systematically plugging loopholes and eliminating leakages.”

Edun emphasised the administration’s resolve to correct long-standing distortions in the economy, particularly in the aftermath of fuel subsidy removal and the adoption of a market-driven foreign exchange regime.

He added that price equalisation was currently the most practical strategy for stabilising market forces and ensuring a level playing field across sectors.

On trade settlements, the minister acknowledged significant challenges in Nigeria’s payment ecosystem, particularly the prevalence of informal trade transactions.

“A substantial portion of our trade still happens outside formal financial channels,” Edun stated. “We are working on comprehensive reforms to integrate these transactions into the formal economy, including exploring the settlement of imports — and even crude oil sales — in naira.”

He also raised concerns over the growing trend of youth-led digital payments that often bypass regulatory oversight, stressing the importance of bringing such innovations under formal supervision to strengthen the financial system.