Tag Archives: Ministry of Finance

Labour union, Distillers Association, others reject FG’s proposed excise duty rate increase on alcohol at Senate hearing

Stakeholders in the alcohol beverage industry on Monday declared their opposition to the recent 500% increase in excise duty rates on alcohol by the Federal Government.

The stakeholders, which includes the Nigerian Labour Congress (NLC), Manufacturers Association of Nigeria (MAN), Distillers and Blenders Association of Nigeria (DIBAN), and the Association of Food, Beverage and Tobacco Employers of Nigeria (AFBTE) expressed their displeasure over the rate hike to a Senate Committee on Finance at a public hearing on the matter.

New excise duty rates not targeted at local manufacturers, says Finance Ministry

The Federal Ministry of Finance came out on Sunday to defend its newly enacted excise duty rates on alcohol and tobacco, saying that they are not targeted at local manufacturers.

In a statement released by the ministry’s Director of Information, Hassan Dodo, it said that contrary to claims in some quarters, the new excise duty rates, which came into effect from June 4, 2018, were not targeted at local manufacturers.

Distillers, MAN urge FG to reconsider new duty on alcohol, tobacco

The Distillers and Blenders Association of Nigeria (DIBAN) has appealed to the Federal government to suspend the implementation of the new excise duty increase on alcohol and tobacco, warning that its imposition could affect the industry’s fortunes and lead to massive job losses.

The association was speaking on Wednesday at a joint news conference held with the Manufacturers Association of Nigeria (MAN) at their Lagos office to protest the new excise duty increase on wines and spirits. The group vowed to resist what they described as “astronomical hike in the excise duty”, lamenting that it will endanger over 250,000 jobs and put at risk investments worth over ₦420bn.

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.

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.