… Summons CBN Governor, Godwin Emefiele
BY OBUTE JAMES
The House of Representatives on Thursday asked the Central Bank of Nigeria to immediately halt the implementation of the new guidelines on the introduction of e-evaluator, e-invoicing for imports and exports businesses in Nigeria.
The Green Chamber also summoned the CBN Governor, Godwin Emefiele to brief the Committee on Customs and Excise 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 that they are targeting N4.2 Trillion) will not be distorted by this sudden policy implementation.
The House Resolution on Thursday 27th January, 2022 was sequel to a motion moved by Hon. Leke Abejide, Chairman, House Committee on Customs and Excise.
Presenting a motion “Call on the Central Bank of Nigeria to Suspend the Implementation of the new Guidelines on the Introduction of E-Evaluator, E-Invoicing for Imports and Exports Businesses in Nigeria,” Hon. Leke Abejide said.
“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.”
“The House: Notes that on 21, January 2022, the Central Bank of Nigeria 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, 10 days after the issuance of the guidelines.
“Also notes 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.
“Worried that the Central Bank of Nigeria (CBN) 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;
“Concerned 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,” Abejide said.
“Recalls in 2020 the immediate implementation of FORM NXP as a mandatory statutory document required to be completed by all exporters for shipment of goods outside the country resulted in crisis as most exporters contracts were cancelled by their foreign buyers’ due to network issues and configuration of its portal which takes more than two to three weeks to resolve thus leading to massive financial loss by exporters;
“Worried that importers and exporters in the manufacturing, mining and trading sectors would be affected because as the exceptions indicate that all exporters and importers with a cumulative invoicing value equal to or above $500,000 or its equivalent in foreign currency would be affected which is practically impossible to have anyone below this value cumulatively.
“Disturbed that some issues in the guidelines are contradictory for instance, guidelines (c) and (d) contradict each other, while guideline (c) states that no importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by Authorised Dealer’s Banks presented together with the relevant documents for payment, but guideline (d) states that the content of the electronic invoice authenticated by Authorised Dealer Banks is only advisory for the Nigeria Customs Service (NCS),” he said.
Hbejide prayed that the House (i) urge the Central Bank of Nigeria to suspends the policy with immediate effect to enable adequate sensitization on the workability of the policy in all major Ports of entry including Sea Ports, Airports, and Border Stations.
“(ii) invite the Governor of Central Bank of Nigeria (CBN) to brief the Committee on Customs and Excise 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 implementation.
“Also urge the Central Bank of Nigeria to give 90 days’ timeline for subsequent new Fiscal/Monetary policy implementation to allow for adjustment in order to stabilize the economy.
The voted and adopted.