The House of Representatives has appealed to the federal government to rescue the Nigerian economy from imminent collapse and restore Investors’ confidence in the country.
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In a resolution at plenary on Thursday, February 15, following a motion by Leke Abejide (ADP, Kogi), the House asked the Federal Ministry of Finance and Central Bank of Nigeria (CBN) to provide adequate notice to Nigerians especially stakeholders in the maritime industry before altering customs exchange rates.
The House said this will ensure transparency and allow stakeholders to prepare for any changes that may affect their operations.
The lawmakers also asked the CBN to maintain the stable exchange rate for Customs duty and excise duty purposes below N1,000/$1 preferably N951.941 $1 to encourage patronage in Nigerian ports and prevent galloping inflation, aiming to balance economic stability with competitiveness in the global.
The House said the Federal Ministry of Finance to ensure the international best practice of allowing a 90-day grace period for fiscal policy changes to facilitate the completion of ongoing transactions under existing policies.
The House directed its Committees on Customs and Excise, Finance and Banking Regulations to interface with the Minister of Finance, Central Bank of Nigeria, Governor and Comptroller General of the Nigeria Customs on how fixed exchange rate for Customs and Excise duties will work for the system to boost exports and encourage patronage in the nation’s Ports.
Leading the debate on his motion, Abejide argued that conventional fiscal policies require a minimum of 90 days to manifest, in contrast to the current trend in Nigeria where immediate enforcement is prevalent, thus necessitating the need for a shift towards a collaborative approach which integrates fiscal and monetary policies with stakeholder’s engagement to prevent isolation and guarantee active stakeholders’ involvement inconsequential decisions.
He said the Central Bank of Nigeria has raised customs tariffs six times in the past six months, causing inflation and disrupting import and excise duty calculations, which businesses rely on for business planning.
According to Abejide, businesses and investors rely on a stable transactional exchange rate for import and excise duty calculations for at least two years to enable effective business planning.
He said the Central Bank of Nigeria experienced a series of exchange rate adjustments for customs duties within six months, in 24 June 2023, the rate increased from N422.30/$1 to N589/$1, followed by N770.88/$1 on July 6, 2023, N783.174/$1, on November 14, 2023, N951.941/$1 on December 7, 2023, and a double adjustment on February 2 and 3, 2024, reaching N1,356.833/$1 and NI,413.62/$1 respectively. Illustrating excessive fluctuations and volatility in the currency market, raising significant concerns about business planning and economic stability.
He said due to the frequent customs exchange rate hikes, Nigerian importers are shifting towards ports in Tema, Ghana; Lome, Togo; and Cotonou, Benin Republic, causing a substantial 65% decrease in cargo importation and business activities at Nigerian seaports, with daily container examinations dropping from approximately 250 to just about 80.
He expressed concern that the current system in Nigeria which relies on a market-based exchange rate for calculating customs duties causes fluctuations based on market conditions, and poses significant predictability and stability challenges for businesses, thus necessitating alternative solutions for customs duties by considering options like a fixed rate system or a hybrid system combining market-based and fixed elements to enhance predictability and stability.
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