Finally, Customs bows to CBN on e-Invoicing policy

The Nigerian Customs Service (NCS) has finally accepted the e-Invoicing and e-Valuation policy for imports and exports in the country introduced by the Central Bank of Nigeria (CBN).

Nigerian Customs had opposed the new payment policy recently introduced by the CBN, saying it was against conventional practice.

NCS also decried poor sensitisation by the CBN on the project.

On its part, the CBN had said the new regulation was primarily aimed at achieving accurate value from import and export items in and out of the country.

Consequently, the House of Representatives waded into the matter and ordered the stoppage of its implementation, pending the outcome of an investigation into the impropriety or otherwise of the policy.

On Thursday, while appearing before the House Committees on Customs and Excise; Banking and Currency, Assistant Comptroller General of Customs, Galadima Saidu said after a meeting with the CBN two days ago, they decided to give support to the initiative on the condition that it’s a home grown policy meant to save money for the country, among other benefits.

He said: “Let us look at it as a home issue. Every day, we graduate students in Computer Science, no jobs. We should give them the opportunity. If the service providers can come in and give you capacity to do this thing for a period of six months, at least, it is okay.

“The CBN should tell us who is providing the service. Who have they engaged to provide this service? If they tell us they are Nigerians and they would employ Nigerians, fine and good, no one is against it.”

However, at the meeting other stakeholders, including the Manufacturers Association of Nigeria, the Federation of Agricultural Commodity Associations of Nigeria expressed their worries and reservations about the new policy, saying that they were not carried along in the process.

In his , the Chairman of the Committee on Customs, Hon. Leke Abejide urged the CBN to ensure that all relevant stakeholders are carried along to understand the benefits of the policy.

He directed the parties to also communicate their resolution to the committee for further legislative input.