The federal government will realise more than N17 billion per annum from the implementation of International Cargo Tracking Note (CTN) on all imports into the country.
The Executive Secretary of the Nigerian Shippers’ Council (NSC), Mr. Hassan Bello, disclosed this in an interactive session with journalists yesterday.
The ICTN was first introduced in Nigeria in 2009 under the management of Nigerian Ports Authority (NPA).
It was suspended in 2011, following widespread criticisms by stakeholders in the maritime industry.
Four years after its suspension, the federal government through the NSC re-introduced it to curb activities of importers and ship owners who swindle the federal government the much needed revenue from the ports through under declaration of tonnages.
President Muhammadu Buhari who endorsed the project had fixed November 3, 2015 as its implementation take off date.
However, the implementation date had been suspended following stiff opposition by the Manufacturers Association of Nigeria (MAN) and ship owners. Also the NSC also needed to fine tune the system to ensure it functions perfectly.