From Ndubuisi Orji, Abuja
House of Representatives has called for the setting up of a tripartite committee, consisting of the Central Bank of Nigeria( CBN), Ministry of Finance and the Nigeria Customs Service ( NCS) to provide coordinated approach to fiscal and monetary policies in the country.
The chairman, House Committee on
Customs and Excise, Leke Abejide, made the call, at a budget defence session, with the NCS. Abejide, charged the federal government to implement the resolution of the House for a 90 days notice before change of policy.
According to him, this is imperative to ensure that investors and importers are not taken unaware by any change of government policies.
“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.
“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, exchange rate has been raised from N784 to N951 per Dollar without any notice. I received uncountable number of calls because people mistakenly thought it came from Nigeria Customs Service.
“I suggest implementation of 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, minimising economic distortions and inflationary pressures.”