The federal government has constituted a sub-committee to
evaluate the potential economic impact of the recent tariff measures announced
by the United States government.
The decision followed a meeting of the Economic Management
Team (EMT), chaired by Wale Edun, minister of finance and coordinating minister
of the economy, according to a statement issued on Friday by Mohammed Manga,
director of information and public relations at the ministry.
On April 2, US President Donald Trump announced sweeping
global tariffs on all imports into the country, including Nigeria.
A few days later, Edun said Nigeria is well-positioned to
withstand global trade disruptions, including the United States import tariffs.
He said plans were underway for possible budget adjustment
and prioritisation where possible.
To assess the impact of the tariffs, Manga said the EMT
convened earlier in the week with key ministries and agencies to review the
fiscal and macroeconomic implications of emerging global trade dynamics.
He said the EMT noted that while Nigeria’s major export — crude
oil — has not been directly targeted by the new US tariffs, the policy shift
has coincided with a dip in international oil prices, raising concern over
potential revenue and budgetary pressures.
“To support
evidence-based policymaking, the EMT has established a sub-committee tasked
with conducting a detailed review of the direct and indirect economic impacts
of both the emerging tariff measures and the global commodity price shifts,”
Manga said.
“The sub-committee includes representatives from the
ministry of finance, ministry of budget and economic planning, (including
budget office of the Federation), and the Central Bank of Nigeria (CBN).”
Manga also said the sub-committee has already held its
inaugural meeting and is expected to present its findings to the full EMT
without delay.
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