FG Targets N5bn From Measurement Equipment Licensing Fees

Dr. Okechukwu EnelamahThe Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah
  • FG Targets N5bn From Measurement Equipment Licensing Fees

The Federal Government is planning to generate the sum of N5bn in the 2018 fiscal period from statutory fees on weights and measurement equipment.

The Acting Director, Weight and Measures Department, Federal Ministry of Industry, Trade and Investment, Muhammed Sidi Sada, gave the figure during the first quarterly meeting of legal metrology officers and inspectors of weights and measures in Abuja on Monday.

He said despite the challenges currently being faced by the department in the discharge of its duties, it had generated about N400m as revenue for the Federal Government.

He commended the government for allowing the department retain to 20 per cent of its Internally Generated Revenue to run its operations, noting that this had assisted in improving the performance.

Speaking on the theme, ‘Legal metrology as a tool for economic diversification and inclusive industrial development’, Sada said the government was committed to ensuring that Nigerians got value for money spent on every product.

He stated that the department would continue to play its role in reducing disputes and transaction costs during the sales of petroleum products, measurement of gas, electricity, water and telephone bills.

Sada said, “Besides contributing to the building of trust for trade in Nigeria, the performance and functions of the department cannot be overemphasized.

“Given the significant roles played by these officers and their contributions to economic recovery and diversification agenda of the Federal Government, there is a need for quarterly assembly of this department to provide a forum to re-assessing, re-strategising on performance evaluation and working towards improving on the revenue generation mandate of the department.”

The Permanent Secretary in the ministry, who was represented at the event by the Director of Human Resources, Dauda Haruna, said the government was working with the National Assembly to give autonomy to the department.

He said, “The issues concerning the Weight and Measures Department have been discussed on the floor of the National Assembly.

“The legislators are keenly interested in the development of legal metrology infrastructure in Nigeria; they are even recommending the upgrade of the Weight and Measures Department to an agency of its own.

“It is not only the National Assembly that is committed to the transformation of the Weight and Measures Department; even the World Bank has recently joined the list of international donors or development partners that are coming up with programmes that are tilted towards the progress of your department.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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