NACCIMA Urges CBN to Postpone Implementation of e-Invoicing

 

Dike Onwuamaeze

The Nigerian Association of Chambers of Commerce and Industry, Mines and Agriculture (NACCIMA) has called for the postponement of the implementation of

e-Invoicing that was scheduled by the Central Bank of Nigeria (CBN) to commence on February 1.

The National President of NACCIMA, Mr. John Udeagbala called for its postponement yesterday while addressing a press briefing in Lagos, where he acknowledged that effective implementation of the e-Invoicing would encourage Nigerian businessmen to play by the rule.

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

He also 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.

He said: “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.”

The NACCIMA also stated 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 sector 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.

It proposed this strategy due to the fact that capital expenditure has fallen short in implementation in recent years.

According to NACCIMA, only 60 per cent of the N2.7 trillion budgeted for capital expenditure in 2020, and 55 per cent of the N2.1 trillion budgeted in 2019, were actually expended.

“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,” Udeagbala said.

The NACCIMA also said that the country’s rising debt profile is becoming unsustainable in spite of the pro-debt argument that Nigeria’s public debt is relatively sustainable at 25 per cent of its GDP.