The Senate, on Tuesday, urged the Federal government to suspend forthwith the Economic Community Of West African States (ECOWAS) trade liberalisation scheme and Common External Tariffs (CET).
Adopting a motion sponsored by Senator Hope Uzodinma, titled, “The Abuse of Customs Tariff and Indiscriminate Issuance of Fiscal Policies and the negative impact on the national economy”, the upper chamber urged government to review the process of enacting the tariff to identify all abuses and revenue leakages.
He noted that the fall out of the formation of ECOWAS was the ratification of CET and ECOWAS Trade Liberalization Scheme (ETLS) in year 2000.
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