By Gift ChapiOdekina

The House of Representatives Committee on Customs and Excise, has resolved to set up a tripartite committee comprising of the Central Bank of Nigeria, CBN, Ministry of Finance and  Nigeria Customs Service, NCS, for a coordinated platform on fiscal and monetary policy for the country.

Chairman of the Committee, Leke Abejide during an interactive session with the Comptroller General, Nigeria Customs Service, NCS, Bashir Adeniyi also called for the inplementation of the House resolution of 90 days notice for any change in policy.

He said this had become necessary so that investors and importers are not taken unaware of any policy change.

He said: “Considering the complex interplay between fiscal and monetary policies and their impacts on trade, I will like to propose the formation of a Tripartite committee comprising Representatives from the 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, ensure thorough discussion and analysis of crucial decisions before their implementation.

“Such collaborations will facilitate a more robust and coordinated approach to trade policies, mitigate 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.”