The Manufacturers Association of Nigeria has praised the Federal Government’s decision to suspend the proposed increase in excise duty on alcohol, non-alcoholic beverages, and tobacco.
The association appreciated the Nigerian government for letting the 2022-2024 Federal Government Sectoral Roadmap run its full circle. Information Guide Nigeria
Recall that the proposed tax increase was part of a new policy introduced in the Finance Act, signed into law by President Muhammadu Buhari in December 2021, alongside the 2022 Appropriation Bill. JAMB Result
LEGIT.NG reports that the Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed that the tax raised excise duties and revenues for health-related and other critical expenditures in line with the 2022 budget preferences.
Other Related Stories:
- We’ll no longer condone unnecessary attacks against Igbos, Ohanaeze elders pledge
- NAFDAC closes Abuja shop for selling unauthorized stimulants
- NIPOST assures Nigerians of restructured, improved services, charges patronage
- Obasanjo writes UK Court, seeks mercy for Ekweremadu, wife
A report from Punch cautioned that a new tax introduced on soft drinks and others would be counter-productive.
The report added that the government should find other ways of generating revenues rather than stunting the growth of the already-struggling private sector. JAMB Portal
According to LEGIT.NG, Manufacturers Association of Nigeria said: “Still grappling with a recent increase in line with a three-year roadmap, the proposed increase in Excise on Beer, Wines and Spirits, Tobacco and Non-Alcoholic Beverages in 2023 became another nightmare to a sector gasping for survival amidst evident setbacks occasioned by Naira scarcity, forex crunch, infrastructure deficit but to mention a few.” NYSC Portal
Check JAMB RESULT
Check and Confirm: How much is Dollar to Naira
