The House of Representatives has orders the Central Bank of Nigeria (CBN) to suspend the planned implementation of an electronic invoice (e-invoice) for all import and export operations.
The House also demanded that CBN give 90 days timeline for subsequent new fiscal/monetary policy implementation to allow for adjustment to stabilise the economy.
This was part of the resolution passed by the lower legislative chamber during plenary session, yesterday. This came following the adoption of a motion sponsored by Leke Abjide, a lawmaker from Kogi state.
The e-invoice is designed as a digitally-delivered invoice that could be issued, transmitted, received, processed and stored in a specific standardised format. The CBN had recently said that as from February 1, all import and export transactions would be done through e-valuator and e-invoice and no longer through hard copy final invoice.
The CBN had explained that 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.
It said the essence of the new regulation was to achieve accurate value from import and export items in and out of the country.
Leading the debate on the motion, yesterday, Abejide who is chairman committee on customs and excise, rejected the CBN directive, saying it does not provide enough time for stakeholders’ engagement.
“Sudden monetary/fiscal circular hurriedly or half-hazard 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 held that the CBN had deviated from its sole responsibility of providing monetary policy measures to concentrating on fiscal policy measures, which is the function of the ministry of finance.
He said if major stakeholders in the ports and the public were 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 said.