On Monday, the House of Representatives unveiled plans to set up 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 in the country.
Chairman of the House Committee on Customs, Leke Abejide, made the call in his address at an interactive session with the Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, who unveiled the Service’s plan to generate N6 trillion for the government’s coffers in 2024.
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 from the Central Bank of Nigeria (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 countless calls because people mistakenly thought it came from the Nigeria Customs Service.
“I suggest implementing 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,” he stressed.