The Senate President Senator David Mark has described the current Nigerian Customs Act as archaic hence the need for amendment to make the service conform with the global best practices.
The Senate President stated this while declaring open a public hearing on the Customs Service Bill 2012 and Companies Income Tax Act 2004 amendment Bill organised by the Senate Committee on Finance in Abuja.
The senate President who was represented at the occasion by the Senate Leader, Senator Victor Ndoma-Egba said the senate has not taken any position on any section of the proposed bill while urging stakeholders to make inputs that would enable the senate to make laws for the economic development of the country.
In her submission at the hearing, the Coordinating Minister of Economy and Finance Minister, Ngozi Okonjo-Iweala kicked against some of the provisions of the proposed law arguing that the Bill seeks to erode the powers of the President and Finance Minister as regard waivers.
She also stressed that the proposed composition of Customs board membership is not going to be in the interest of economic development of the country.
Other stakeholders led by the representative of Minister of Trade and Investment, David Ajuwon cautioned not putting time line on power of Customs to inspect containers so as not to delay free flow of trade.