The Federal Ministry of Finance, Budget and National Planning has projected a five per cent growth in the nation's annual revenue with the new National Vehicle Registry (VREG).
The Director of Information in the ministry, Mr Charles Nwodo, stated this at a zonal sensitization seminar in Lagos at the weekend.
With VREG, he said there would be detailed information on the history of any vehicle plying the country's roads which would enable security agencies to track stolen vehicles.
The ministry and the Nigeria Customs Service (NCS) in April initiated the process to create a database for imported vehicles with a view to checkmating import duty evasion and theft.
Lagos State Commissioner for Transportation Frederick Oladeinde said about three million vehicles ply the state roads and that a lot of crimes are committed using the vehicles.
Meanwhile in Calabar, Cross River State, the Minister of Finance, Budget and National Planning, Zainab Ahmed, represented by the head of Public Private Partnership Division, Mrs Jummai Katagum, said the pilot phase of the VREG has begun in Lagos.
Speaking at a similar zonal sensitisation seminar in Calabar, she said the exercise is going to be mandatory.
Governor Ben Ayade, represented by the Commissioner for Marine Transport Services, Oqua E. Oqua, said the state had since started security numbering of vehicles and their drivers in what they called 'security manifest'.