Reps committee seek coordinated fiscal policy

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 provide a coordinated platform on fiscal and monetary policies for the country.

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

He said this becomes necessary so that investors and importers are not taken unawares of any policy change.

“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 Central Bank of Nigeria (CBN), 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”, he said.

Abejide added that it 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 collaborate closely with border communities to curb smuggling and enhance the Customs’ activities.

The Comptroller General of the Nigeria Customs Service, Bashir Adeniyi, said the service was already working closely with border communities but expressed concern about the lack of basic amenities in such areas.

He said the service plan to construct basic amenities in some border communities in 2024 and sought the lawmakers’ support to achieve that.

SOURCE: FRCN