Reps invite Emefiele over N3.1trn Customs revenue target

***Want Apex bank to suspend newly introduced e-evaluator, invoicing policy

By Christiana Ekpa

The House of Representatives, Thursday 

resolved to invite  the Governor of The Central Bank of Nigeria (CBN), Godwin Emefiele to brief its joined Committee on Customs and Excise, and Banking and Currency, with the assurances that the target revenue of N3.1 Trillion given to the Nigeria Customs Service by the Federal Government of Nigeria (which the NCS announced to the media that they are targeting N4.2 Trillion) will not be distorted by this sudden policy introduction.

The was just as the House  called on the Central Bank of Nigeria (CBN) to suspend its newly introduced e-evaluator and invoicing policy for import and export businesses, to enable adequate sensitization on its workability in all major ports of entry, including Sea Ports, Airports, and Border Stations;

The House  further urged the apex bank to give 90 days timeline for subsequent new Fiscal/Monetary policy implementation to allow for adjustment in order to stabilize the economy.

The resolutions followed a motion by Hon. Leke Abejide, who on Thursday, drew attention of the House to the fact that the CBN on January 21, 2022 issued a circular on guidelines on imports and exports businesses in Nigeria, with reference number TED/FEM/FPC/PUB/01/001 to take effect from1, February 2022, just 10 days after the issuance of the guidelines;

The lawmaker argued that “sudden monetary/fiscal circular hurriedly or half-hazard implemented often leads to policy summersault hence major Policy change such as this, a grace period of 90 days is usually expected for transactions to run its full course to avoid distortion in the economy and also to avoid price distortions of trade;

According to him, the Central Bank of Nigeria has gradually deviated from its primary function of monetary policy measures and bankers to government and concentrating more on fiscal policy measure which is the function of the Federal Ministry of Finance.

“If the guidelines are not given adequate time to sensitize and acquaint the major ports of entry in the country for stakeholders and the general public to study the policy it will distort prices of goods and services and create logjams for imports and exports, delay transactions and consequently cause ports congestion”, he noted.