Smokers have got some bad news- lighting up will cost. Also to pay more are alcoholic drinks consumers.
President Muhammadu Buhari has approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from June 4.
Finance Minister Kemi Adeosun broke the news yesterday in a statement by her media aide Oluyinka Akintunde.
She said the new excise duty rates were spread over a three-year period from 2018 to 2020 to moderate the impact on prices of the products.
The minister added that Buhari granted a grace period of 90 days to manufacturers.
She said the new excise duty regimes was decided at an all-inclusive stakeholder engagements by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders.
Mrs. Adeosun said: “The Tariff Technical Committee (TCC) recommended the slight adjustment in the excise duty charges after cautious considerations of the government’s Fiscal Policy Measures for 2018 and the reports of the World Bank and the International Monetary Fund Technical Assistance Mission on Nigeria’s Fiscal Policy.
“The effect of the excise duty rates adjustment on trade and investment was also assessed by the Federal Ministry of Trade and Investment and it adopted the recommendations of the TTC.
“Peer country comparisons were also carried out showing Nigeria as being behind the curve in the review of excise duty rates on alcoholic beverages and tobacco.”