The House of Representatives Committee on Customs and Excise has called for the setting up of a tripartite committee comprising the Central Bank of Nigeria (CBN), the Ministry of Finance and the Nigeria Customs Service (NCS) to coordinate the platform for payment of customs duties and excise.
The committee made the call on Monday when the Comptroller General of the Nigeria Customs Service, Wale Adeniyi, appeared before it for budget defence.
Leke Abejide, the chairman of the committee, while making the call, said the decision of the federal government to change the FX rate on the customs window without notice to NSC or investors prompted the call.
He said the federal government must understand there is a need for proper interplay between monetary and fiscal policy in order to protect investors.
Mr Abejide said investors ordinarily should get a minimum of 90 days’ notice before implementation of major policies.
“Considering the complex interplay between fiscal and monetary policies and their impacts on trade, I would like to propose the formation of a tripartite committee comprising representatives from the Central Bank of Nigeria (CBN), the Federal Ministry of Finance and the Nigeria Customs Service.
“This committee will serve as a platform for open and transparent dialogue on fiscal and monetary issues as it affects trade, ensuring thorough discussion and analysis of crucial decisions before their implementation.
“Such collaborations will facilitate a more robust and coordinated approach to trade policies, mitigating potential disruptions and fostering a conducive environment for economic growth.
“Just last week, investors woke up only to discover that the exchange rate has been raised from N784 to N951 per dollar without any notice. I received an uncountable number of calls because people mistakenly thought it came from Nigeria Customs Service,” Mr Abejide said.
The lawmaker told the CG that there is a need for strict commitment to the 90-day notice for policy changes so that investors and importers get proper notice.
I suggest implementation of House of Representatives resolution of the 9th Assembly, requiring a 90-day notice for policy changes. This approach will allow ongoing transactions to conclude smoothly, minimising economic distortions and inflationary pressures”.
Some members of the committee expressed concerns about the multiple checkpoints mounted by the officers of the NCS across the country and the need to work in close collaboration with border communities in curbing smuggling and enhancing activities of the Customs.
Border communities
In his response, Mr Adeniyi said the service was already working closely with border communities, but expressed concerns about the lack of basic amenities in such communities.
He said there is a need for the Nigerian government to pay attention to border communities by providing them with some basic amenities.
He said the service plan to embark on the construction of some basic amenities in some border communities in 2024 and sought the support of the lawmakers to achieve that.
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