The minister of finance and coordinating minister of the economy, Wale Edun says the Nigeria Customs Service (NCS) plans to spend N20 billion to purchase compressed natural gas (CNG) vehicles, construct and furnish facilities, particularly in remote areas.
Speaking on Monday after the federal executive council (FEC) meeting, Edun said customs is also set to allocate N1 billion for life insurance financing.
According to the minister, the funding will facilitate the implementation of life insurance policies, which will be managed by underwriters and brokers.
“In addition, customs, which are the only chairing the board, the customs came with some N20 billion worth of important projects and procurements, CNG vehicles and some construction and furnishing of facilities, particularly the forward basis in the remote areas,” Edun said.
“And then also about N1 billion worth of financing for life insurance. So to put life insurance policy, of course, which is implemented by underwriters and brokers.
“So we have two transactions for customs and then two transactions in the health center. That’s what I have to report for today.”
On May 13, 2024, FEC directed all new vehicles, generators or tricycles procured by the government and its agencies must be powered by CNG, solar or electric.
Sources had said the directive affected requests by customs and the shipper’s council, an agency of the marine and blue economy.
According to the sources, customs and the shipper’s council had sought approval to buy several hundreds of operational vehicles powered by petrol.
However, their requests were approved on the basis that the vehicles are powered by CNG.
