Tag Archives: wine

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.

Consuming wine, tea and fruits decreases the risk of erectile dysfunction, says new study

Drinking wine, tea and consuming fruits rich in flavonoid are likely to reduce the risk of developing erectile dysfunction, according to a new study.

A new study by scientists at Harvard University in the USA and the University of East Anglia in the U.K. have found that middle-aged men who drank red wine regularly and ate a lot of fruits rich in flavonoids such as citrus fruits, blueberries, strawberries, among others were less likely to develop erectile dysfunction.

Diageo completes sale of US and UK wine assets to TWE

Diageo, the British spirits maker has completed sale of its US and UK wine assets to Treasury Wine Estate of Australia in a transaction valued at $552m.

The deal includes the sale of its US-based Chateau & Estate Wines and UK-based Percy Fox, makers of the Blossom Hill and Piat d’Or brands.

Wine drinkers are more likely to be educated and highly paid, says new study

A new study that looked at the characteristics of wine drinkers in Nigeria found that they are more likely to be educated, married and earn a high income.

This was the result of a study published in the Mayfair Journals, which was authored by Osadebamwen Anthony Ogbeide of the Agribusiness Services, Adelaide, Australia and Ideba Ele of the Department of Agricultural Economics and Extension at the University of Calabar, Cross River State, Nigeria.