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HOUSE OF REPRESENTATIVES COMMITTEE WANTS FISCAL AND MONETARY POLICIES COORDINATED

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HOUSE OF REPRESENTATIVES COMMITTEE WANTS FISCAL AND MONETARY POLICIES COORDINATED                                                          10-12-23

By Sadiq Aminu                                                       The House of Representatives committee on Customs and Excise has called for the setting up of a Tripartite committee comprising of the Central Bank of Nigeria (CBN), 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 Adewale Adeniyi also called for the implementation of the House resolution of 90 days notice for any change in policy.

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.

Abejide added that it will also allow ongoing transactions to conclude smoothly, minimizing economic distortions and inflationary pressures”.

Members of the committee expressed concern about the multiple check points 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.

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 embark on construction of basic amenities in some border communities in 2024 and sought the support of the lawmakers to achieve that.

 

 

 

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