Disturbed by the abuse of Customs tarrif and indiscriminate issuance of fiscal policies and the negative impact on the national economy, the senate yesterday urged the Federal government to suspend forth with the ECOWAS trade liberatization scheme and Common External Tarriff.
The resolution followed a motion by sen Hope Uzodinma ( PDP IMO West ) on the “Abuse of Custom Tariff and indiscriminate issuance of fiscal policies and the negative impact on the national economy and urgent need for policy reversal”
The senate further resolved to approve all Tariff before its implementation.
It noted that the ratification of the Ecowas Common External Tarrif. And the Ecowas Trade Liberalization. Scheme. In year 2000 were not done in accordance with section 12 of the 1999 cfonstitution of the Federal Republic of Nigeria as amended which states that “No treaty between the Federation and any other country shall have the force of law to the extent to which any such traty has been enacted into law by the National Assembly”
Sen Uzodinma noted that the Common External Tarrif and the Ecowas Tarrif liberalisation scheme drove the real sector into dold drums and forced most manufacturing firms to relocate to neighbouring Ecowas states to manufacture there andd ship back to to Nigeria markets at zero duty and in the process companding the unemployment situation in Nigeria.