The House of Representatives has enjoined the Central Bank of Nigeria (CBN) to suspend the planned enforcement of the use of electronic invoice for import and export transactions.
The lower legislative chamber in Nigeria pointed out that the timeframe given for modification to the new e-invoice policy is short.
During its plenary session on Thursday, the representatives resolved that a 90 days timeline should be given for a new fiscal/monetary policy implementation as this will help the stakeholders adjust accordingly and reduce its effect on the economy.
Investors King had earlier reported that the CBN said the hard copy final invoice would not be accepted from February 1 as it will be replaced with e-valuator and e-invoice as part of the documents needed for all import and export transactions.
According to CBN, the electronic invoice was introduced to get accurate value from imports and exports in the country.
It explained that the e-invoice for import and export operations must be authenticated by the Authorised Dealer Banks (ADBs) on the Nigeria single-window portal –Trade Monitoring System.
Leke Abejide, a Kogi State lawmaker who sponsored the motion at the House of Representatives argued that the policy did not give adequate time for stakeholders’ discussion so that distortion of the economy can be averted.
The chairman, committee on customs and excise, Abejide stated that the apex bank has shifted its focus from initiating monetary policy measures to providing fiscal policy measures, which is the role of the ministry of finance.
He further said the main stakeholders in the ports and relevant sectors must be given enough time to study and understand the policy to avoid distortion in prices of commodities, delay in import and export transactions as well as ports congestion.
In his words, “Sudden monetary/fiscal circular hurriedly or half-haphazardly implemented often leads to policy summersault hence major policy change such as this.
“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.”
The lawmakers harmoniously adopted the motion. They urged the CBN to sensitise the public on the new policy to ascertain its workability in seaports, airports, and border stations across the country.
The CBN Governor, Godwin Emefiele, was thereafter invited to appear before its committee to speak more on the policy, especially its effect on the Nigeria Customs revenue generation.