Fiscal, monetary policies conflict: Expert calls on urgent government intervention

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Fiscal, monetary policies conflict:
Expert calls on urgent government intervention

* There is confusion on import prohibition list and CBN Forex exclusion policy – Muda Yusuf 

The Centre for Promotion of Private Enterprise (CPPE), has said that there is conflict between fiscal and monetary authorities at present on trade policies, which must be resolved in the interest of economic growth and development.

The Chief Executive Officer (CEO) of CPPE, Dr Muda Yusuf, made this known as the position of the Centre in assessing the 2022 fiscal policy measures approved for implementation in the nation’s economy.

According to him, there are
contradictions and confusion currently exisiting in the trade policy space regarding import prohibition list and the Forex exclusion list of the Central Bank of Nigeria (CBN) .

He pointed out:
“The lists are conflicting and disrupting trade. For instance, there are many items that are on the Forex exclusion list of the CBN, which are not prohibited from importation under the extant fiscal policy of the Federal Government

“It is untidy to have what we can describe as two sets of Trade policy document. One by the CBN and the other by the Federal Ministry of Finance.”

He added :
“We appeal to government, to intervene and resolve the conflict.
The Presidency should reconcile these two lists, in order to resolve the current policy conflict in our international trade ecosystem and minimise disruption to trade.”

He stressed:
“We should not have a situation where an item that is not prohibited under our fiscal policy is being denied access to ‘Form M’ by the Central Bank’.

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