The Federal Government has set up a sub-committee to evaluate the potential economic impact of the recent tariff measures announced by the United States government.
This decision, according to a statement issued by the Director of Information and Public Relations in the Ministry of Finance, Mohammed Manga, was taken after a meeting of the Economic Management Team (EMT) chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
On April 2, 2025, the US President, Donald Trump announced sweeping global tariffs on all imports into the country, including imports from Nigeria.
A few days later, Edun said Nigeria is well-positioned to withstand global trade disruptions, including the US 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.
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The sub-committee includes representatives from the Federal Ministry of Finance, the Ministry of Budget and Economic Planning (including the Budget Office of the Federation), and the Central Bank of Nigeria of Nigeria (CBN).
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.
Manga said: “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).”
He said the sub-committee has already held its inaugural meeting and is expected to present its findings to the full EMT without delay.
By: Babajide Okeowo
© Ripples Nigeria
