House of Reps Urges CBN to Halt Imports, Exports Guidelines, e-Invoicing

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the implementation of the new guidelines on the introduction of E-Evaluator, E-Invoicing for Imports and Exports Businesses in Nigeria.

Following the adoption of a motion moved by Leke Abejide (APC, Kogi) on Tuesday, the House stated that the CBN has gradually deviated from its primary function of monetary policy measures and banker to the government and concentrating more on fiscal policy measure which is the function of the Federal Ministry of Finance.

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 from 1st of February 2022, 10 days after the issuance of the guidelines.

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“Sudden monetary/fiscal circular hurriedly or half-hazard implemented often leads to policy somersault, hence for a 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”.

It said 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.

It also invited the Governor of CBN, 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 will not be distorted by this sudden policy implementation.