{"id":140582,"date":"2022-01-27T18:00:55","date_gmt":"2022-01-27T17:00:55","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=140582"},"modified":"2022-01-27T18:00:55","modified_gmt":"2022-01-27T17:00:55","slug":"suspend-planned-implementation-of-e-invoice-policy-reps-tell-cbn","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/01\/27\/suspend-planned-implementation-of-e-invoice-policy-reps-tell-cbn\/","title":{"rendered":"Suspend planned implementation of e-invoice policy, Reps tell CBN"},"content":{"rendered":"<p>The house of reprsentatives has called on the Central Bank of Nigeria (CBN) to suspend the planned implementation of an electronic invoice (e-invoice) for all import and export operations.<\/p>\n<p><span data-preserver-spaces=\"true\">The lawmakers also asked the CBN to give 90 days timeline for subsequent new fiscal\/monetary policy implementation to \u201callow for adjustment to stabilise the economy\u201d.<\/span><\/p>\n<p>The resolution was passed by the lower<span data-preserver-spaces=\"true\"> legislative chamber during the <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/04\/why-we-held-plenary-for-only-66-days-in-2021-senate-spokesman\/\">plenary<\/a> session on Thursday following the adoption of a motion sponsored by Leke Abjide, a lawmaker from Kogi state.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">An e-invoice is a digitally-delivered invoice issued, transmitted, received, processed, and stored in a specific standardised format.<\/span><\/p>\n<p>The apex bank last week had stated that<span data-preserver-spaces=\"true\"> 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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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 \u2013 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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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\u2019 engagement.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSudden monetary\/fiscal circular hurriedly or half-haphazard implemented often leads to policy summersault hence major policy change such as this,\u201d Abejide said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The lawmaker said a grace period of 90 days is \u201cusually expected for transactions to run its full course to avoid distortion in the economy and also to avoid price distortions of trade\u201d.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said the CBN has \u201cgradually deviated\u201d from its sole function of providing monetary policy measures to concentrating on fiscal policy measures, which is the function of the ministry of finance.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Abejide said if the major stakeholders in the ports and the public are not given adequate time to study the policy, it will \u201cdistort prices of goods and services and create logjams for imports and exports, delay transactions and consequently cause ports congestion\u201d.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cImporters 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,\u201d he added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The motion was unanimously adopted.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Following that, the lower chamber asked the CBN to sensitise the public on the \u201cworkability of the policy in all major ports of entry, including seaports, airports, and border stations\u201d.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The house of reprsentatives has called on 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 \u201callow for adjustment to stabilise the economy\u201d. The [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":24892,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[658,28606,2229,736],"class_list":["post-140582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-cbn","tag-e-invoice","tag-house-of-reps","tag-kogi-state"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Suspend planned implementation of e-invoice policy, Reps tell CBN<\/title>\n<meta name=\"description\" content=\"The house of representatives has called on the Central Bank of Nigeria (CBN) to suspend the planned implementation of an 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