Nigerian employers reject FG’s plan to increase excise duty

By Adeleye Kunle

The Nigeria Employers’ Consultative Association (NECA) has rejected the plan by the Federal Government to increase tariffs on certain products.

Minister of Finance, Zainab Ahmed, announced the proposal of higher duty on tobacco, spirits, alcoholic and non-alcoholic beverages.

NECA Director-General, Adewale Oyerinde warned that its implementation would adversely affect production and consumption.

Oyerinde said it negates the roadmap in the 2022 Fiscal Policy Measures and Tariffs Amendments (FPM 2022).

The DG noted that historically, increments in duty often do not translate to increased revenue in the medium to long term.

NECA insists the more sustainable an excise regime is, the better the industry can contribute to the government treasury