Tag Archives: Beer

New Excise Duty rates for alcohol, tobacco comes into effect

The Federal Government’s new excise duty rate on alcohol and tobacco came into effect on Monday, June 4, 2018.

Speaking in Abuja on Sunday, the Minister of Finance, Mrs Kemi Adeosun explained that the new excise duty rates which was first announced in March was spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products.

The minister further said that the 90-day grace period given by the president to all manufacturers before the commencement of the new excise duty regime ended on Sunday.

NGO group seeking reversal of pending excise duty rate increase on alcohol, tobacco take protest to NASS

A coalition of Non-Governmental Organization (NGOs) seeking to reverse a proposed excise duty rate increase by the Federal Government due to take effect on June 4, 2018 have called on the National Assembly to urgently intervene on the matter.

Business Renaissance Group (BRG) and Sustained Development Collective (SDC), two of the groups leading the protest at the National Assembly said that the excise duty rate increase would cripple the sector if not reviewed and reversed.

AFBTE, NUFBTE call on FG to rescind new excise duty rate increase on alcohol, tobacco set for June

Stakeholders in the food, beverage and tobacco sub-sector have called on the Federal Government to suspend its proposed increase on excise duty rates on alcoholic beverages and tobacco products which is set to go into effect on June 4, 2018.

The group said that it was with deep regret that the government was making plans to raise the excise duty rates at a time industry producers were experiencing declining volumes and contracting margins, noting that the effect of absorbing the cost of the new excise duty regime would be over-whelming on industry players.

Senate seeks suspension of proposed excise duty rate increase on locally produced alcoholic beverages

The Senate, on Tuesday called on the Federal Government to suspend the planned excise duty increase on locally produced alcoholic beverages set to go into effect on June 4th. The Upper Chamber of the National Assembly said that the increase which would raise the excise duty rate on alcoholic beverages from the current rate of 20% to 67% represents a 300% increase and should be suspended until there is a better understanding of the new policy by all stakeholders in the interest of the national economy.

Police raid illegal brewery in Lagos

The Lagos State Police Command on Wednesday raided an illegal brewery in the Egbe-Afa, Igbobo area of Ikorodu, where counterfeit malt drinks and stout are produced.

A team of investigators from the Lagos State Police Command led by the Commissioner of Police, Imohimi Edgal arrested five suspects.

CPC endorses FG’s move to increase excise duty on alcohol and tobacco

The Consumer Protection Council (CPC), on Tuesday put its weight behind the Federal Government’s decision to raise the excise duty rates on alcoholic beverages and tobacco products.

The agency’s Director-General, Mr Babatunde Irukera, said the increase would serve as a measure to reduce the risks of abuse and disease. Irukera said that though CPC protected the rights of all consumers and their prerogative to make personal lifestyle choices, it, however, encourages responsible consumption in all circumstances.

MAN opposes excise duty rate increase on alcohol, tobacco; seeks its reversal

The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to reverse the newly proposed excise duty rate increase on alcohol and tobacco products, saying that its implementation will lead to job losses and plant closures in the affected industries.

The President, MAN, Dr. Frank Jacobs, spoke on the issue in Lagos on Wednesday while addressing the media on the association’s position on the African Continental Free Trade Agreement.

NUFBTE chides FG’s new excise duty on alcoholic beverages, tobacco

The National Union of Food Beverage and Tobacco Employees (NUFBTE) has criticised the Federal Government and threatened to go on a labour strike over the planned increase on the excise duty rates for alcoholic beverages and tobacco.

While speaking at a meeting by the organised labour, President of NUFBTE, Lateef Oyelekan, said that more than 20,000 workers are presently employed in the alcoholic and tobacco sector and may lose their jobs if the amendment takes effect.

New excise duty rates on alcohol, tobacco too low – IMF

The International Monetary Fund (IMF) has said that the recently implemented excise duty rates for alcoholic beverages and tobacco products by the Federal Government of Nigeria were too low and instead should be higher to act as “a fail-proof revenue raising strategy.”

The World body is recommending a 100% increase in excise duty be slapped on the affected products to conform to global norms.

European barley prices to rise amid bad weather

European barley prices are on the rise as wet and cold weather in May and June has led to a drop in quantity and quality harvested, according to analyst at Bernstein Research.

While Forward prices for the North American winter grain, which are normally harvested between late July and September, have been falling marginally over the past few years, bad weather in western Europe, which harvests the crop a bit earlier than the US, has seen less crop harvested with poorer quality leading to estimated higher prices.