The house of representatives has asked the Central Bank of
Nigeria (CBN) to suspend the planned implementation of an electronic invoice
(e-invoice) for all import and export operations.
The lawmakers also asked the CBN to give 90 days timeline
for subsequent new fiscal/monetary policy implementation to “allow for
adjustment to stabilise the economy”.
The lower legislative chamber passed the resolution during
the plenary session on Thursday following the adoption of a motion sponsored by
Leke Abjide, a lawmaker from Kogi state.
An e-invoice is a digitally-delivered invoice issued,
transmitted, received, processed, and stored in a specific standardised format.
Last week, the apex bank had said e-valuator and e-invoice
would replace the hard copy final invoice as part of the documentation required
for all import and export transactions from February 1.
The CBN also said import and export operations would require
the submission of an electronic invoice authenticated by the Authorised Dealer
Banks (ADBs) on the Nigeria single-window portal – Trade Monitoring System,
adding that the new regulation is targetted at achieving accurate value from
import and export items in and out of the country.
Leading the debate on the motion on Thursday, Abejide who is
the chairman committee on customs and excise, kicked against the CBN directive,
saying it does not provide enough time for stakeholders’ engagement.
“Sudden monetary/fiscal
circular hurriedly or half-haphazard implemented often leads to policy
summersault hence major policy change such as this,” Abejide said.
The lawmaker said 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”.
He said the CBN has “gradually deviated” from its sole
function of providing monetary policy measures to concentrating on fiscal
policy measures, which is the function of the ministry of finance.
Abejide said if the major stakeholders in the ports and the
public are not given adequate time 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”.
“Importers and
exporters in the manufacturing, mining and trading sectors would be affected
because as the exceptions indicate that all exporters and importers with a
cumulative invoicing value equal to or above $500,000 or its equivalent in
foreign currency would be affected which is practically impossible to have
anyone below this value cumulatively,” he added.
The motion was unanimously adopted.
Following that, the lower chamber asked the CBN to sensitise
the public on the “workability of the policy in all major ports of entry,
including seaports, airports, and border stations”.
It also invited Godwin Emefiele, governor of the CBN, to appear before its committee and explain if the policy will not affect the revenue generation of the Nigeria Customs.
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