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NACCIMA seeks CBN’s postponement of e-Invoicing activation from February 1

*The Nigerian Association of Chambers of Commerce and Industry, Mines and Agriculture has requested the Central Bank of Nigeria to suspend implementation of e-Invoicing policy to enable its members get acquainted with operation of the new regime

Isola Moses | ConsumerConnect

The Nigerian Association of Chambers of Commerce and Industry, Mines and Agriculture (NACCIMA) has acknowledged the fact that effective implementation of the e-Invoicing initiative will encourage Nigerian businessmen and women to play by the rule.

The Chamber, however, urged the Central Bank of Nigeria (CBN) for postponement of the implementation of e-Invoicing the Bankers’ Bank has scheduled to commence Tuesday, February 1, 2022.

CBN Headquarters in Abuja, FCT

ConsumerConnect reports Mr. John Udeagbala, National President of NACCIMA, who called for the postponement Sunday, Jaunary 30, 2022, at a media briefing in Lagos, nonetheless, acknowledged that faithful implementation of the e-Invoicing scheme would encourage Nigerian business people to follow due process.

The National President stated: “The NACCIMA notes the recently introduced e-invoicing and price verification policy of the CBN is set to commence on February 1, 2022.

“We call on the CBN to postpone the date of commencement of this policy to enable our members get acquainted with the new dispensation.”

Udeagbala also noted: “Transition challenges will lead to chaos with immediate implementation. We also request the CBN to make the operation of these policies cost-friendly.”

According to him, NACCIMA observed with dismay the unbaiting bottlenecks at the country’s seaports, which have been hindering Nigeria’s quest to be a maritime hub in West Africa.

“Our members still encounter man-made delays in processing the clearance of their goods at the ports.

“We call for the opening of more seaports in the country and the simplification of clearing procedures.

“In consonance with one of recommendations of the World Customs Organisation, we demand for the establishment of the ‘Customs and Excise Appeal Tribunal’ to act as ombudsman in the resolution of disputes arising from imports and exports at the ports,” stated Udeagbala.

The NACCIMA further indicated that the most pragmatic solution to the problem of Nigeria’s widening infrastructure deficit is to seek a wider collaboration between the public and private sectors as is evident in the success stories of the Presidential Executive Order 7 of 2019 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

He said the Chamber has proposed this strategy because capital expenditure has fallen short in implementation in recent years.

NACCIMA as well stated that only 60 percent of the N2.7trillion budgeted for capital expenditure in 2020, and 55 percent of the N2.1 trillion budgeted in 2019, were actually expended.

Udeagbala said: “We recommend for the massive expansion of Executive Order 7, which constitutes a non-interest loan by the private sector to the government towards infrastructure development, payable in future, in the form of tax credits.”

The organisation added that the Nigeria’s rising debt profile is becoming unsustainable in spite of the pro-debt argument that the country’s public debt is relatively sustainable at 25 percent of its GDP.

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