A sub-committee has been set up by the federal government to assess the potential economic impact of the recent tariff measures announced by the United States government.
Per a statement issued on Friday, the move comes on the heels of a meeting of the Economic Management Team (EMT) headed by the Minister of Finance, Wale Edun.
Speaking in the statement, Mohammed Manga, the Director of Information and Public Relations at the ministry, disclosed that the EMT convened earlier in the week with key ministries and agencies to review the fiscal and macroeconomic implications of emerging global trade dynamics.
Manga added 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 drop in international oil prices.
He said the above raises 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.
“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).”
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