The House of Representatives committee on Customs and Excise has called for the setting up of a tripartite committee composed of the Central Bank of Nigeria, Ministry of Finance and the Nigeria Customs Service to provide a coordinated platform on fiscal and monetary policies for the country.
The Chairman of the Committee, Hon. Leke Abejide, made the call in Abuja on Monday.
Abejide spoke during an interactive session with the Comptroller General, Nigeria Customs Service, Bashir Adewale Adeniyi.
He also called for the implementation of the House resolution of 90 days notice for any change in policy.
He said that becomes necessary so that investors and importers are not taken unaware of any policy change.
He said: “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, Federal Ministry of Finance, 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.
“I suggest implementation of the 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.”
Members of the committee expressed concern about the multiple checkpoints mounted by the Customs service across the country and the need to work in close collaboration with border communities in curbing smuggling and enhancing activities of the Customs.
In his response, the Customs boss said the service was already working closely with border communities, but expressed concern about the lack of basic amenities in such communities.
Adeniyi said there was the need for the Nigerian government to pay attention to border communities by providing them some basic amenities.
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He said the service plans to embark on construction of some basic amenities in some border communities in 2024 and sought the support of the lawmakers to achieve that.