Reps seek committee on fiscal, monetary policies

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, the Ministry of Finance, and the Nigeria Customs Service to provide a framework for a coordinated platform on fiscal and monetary policies for the country.

The Chairman of the Committee, Leke Abejide, who made the call during an interactive session with the Comptroller General, Nigeria Customs Service, Adewale Adeniyi on Monday in Abuja, also called for the implementation of the House resolution of 90 days notice for any policy change.

In his words, this has become imperative to ensure that investors and importers are not kept in the dark over 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 of 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 they affect 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 had 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, minimizing economic distortions and inflationary pressures”.

Committee members took turns to express concern about the multiple checkpoints mounted by the NCS nationwide even as they called for collaboration with sister agencies to curb incessant cases of smuggling.

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.

He appealed to the Federal Government to make basic amenities available in border communities to aid the Nigerian Customs in the discharge of its responsibilities.