Tag Archives: Ministry of Finance

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.

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.

Tariffs on Alcohol, Tobacco to go up in June 2018 – Finance Minister

The Federal government has signed-off on the implementation of a new excise duty regime on alcoholic beverages and tobacco products as it seeks to raise government’s fiscal revenues.

President Muhammadu Buhari has approved an amendment to the excise tariff rates for alcoholic beverages and tobacco products which are slated to go into effect on 4th June 2018, the Minister of Finance, Mrs. Kemi Adeosun said on Sunday.

FG mulls tariff increase on alcohol, cigarettes

The Minister of Finance, Mrs. Kemi Adeosun has recommended increasing excise duty rates on alcohol and tobacco products with implications on their health effects as well as a means of raising revenue.

Adeosun added that her recommendation is in line with the implementation of the ECOWAS common External Tariff (CET), one of the instruments of harmonizing member states to strengthen its Common Market agreed upon on 25th October 2014.