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Nigerians To Pay More For Alcohol, Cigarette As From Monday - Business - Nairaland

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Nigerians To Pay More For Alcohol, Cigarette As From Monday by dre11(m): 4:20pm On Jun 03, 2018
The new excise duty for alcoholic beverages and tobacco earlier approved by President Muhammadu Buhari will take effect from Monday , June 4 , 2018 , says the Federal Government .

The News Agency of Nigeria recalls on Sunday that the Minister of Finance, Mrs . Kemi Adeosun , in March announced that the President had granted a grace period of 90 days to manufacturers of the products .

Adeosun said the new excise duty rates would spread over a three- year period from 2018 to 2020 in order to moderate the impact on prices of the products .

According to her , the upward review of the excise duty rates for alcoholic beverages and tobacco was to raise the government ’ s fiscal revenues .

She said that it would also reduce the health hazards associated with tobacco - related diseases and alcohol abuse .

Adeosun said the new duty rate on tobacco was a combination of the existing ad -valorem base rate and specific rate; while the ad - valorem rate was replaced with a specific rate for alcoholic beverages .

She said that under the new rates for tobacco , in addition to the 20 per cent ad - valorem rate, each stick of cigarette will attract one naira specific rate per stick ; that is N 20 per pack of 20 sticks in 2018 .

She said that in 2019, tobacco will attract two naira specific rate per stick or N 40 per pack of 20 sticks .

The minister said that by 2020 , tobacco would begin to attract N 2.90 kobo specific rate per stick or N 58 per pack of 20 sticks .

Adeosun explained that Nigeria ’ s cumulative specific excise duty rate for tobacco was 23.2 percent of the price of the most sold brand.

This is against the 38.14 percent in Algeria , 36. 52 percent in South Africa and 30 percent in Gambia .

She said also that the new specific excise duty rate for alcoholic beverages cuts across beer and stout , wines and spirits for the three years, 2018 to 2020.

Under the new regime, beer and stout will attract 0 . 30k per centilitre (cl ) in 2018 and 0 . 35k per cl each in 2019 and 2020.

Wines will attract N 1.25k per cl in 2018 and N 1 . 50k per cl each in 2019 and 2020 , while N 1 . 50k per cl was approved for spirits in 2018 , N 1 . 75 k per cl in 2019 and N 2 per cl in 2020.

The Director- General , Consumer Protection Council , Mr. Babatunde Irukera , said the decision to increase the excise duty on these commodities was consistent with prevailing global practices .

He said he was convinced that government ’ s approach would foster consumer confidence , provide regulatory clarity and prioritise safety , to reinforce the mandate of the council.

The International Monetary Fund , in its 2017 mission , advised Nigeria to raise the excise duty on a stick of cigarette to N5, which is five times the approved amount.

“ The low tax level prevails even though Nigeria is the highest alcohol drinking country in Africa and leads the top 10 largest beer drinking countries , ” IMF said .

The new rates fall short of the more aggressive recommendations of the World Health Organisation in Article 6 of the Framework Convention on Tobacco Control , which suggests 70 per cent excise on tobacco products.

http://punchng.com/nigerians-to-pay-more-for-alcohol-cigarette-as-from-monday/

4 Likes 2 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Nobody: 4:25pm On Jun 03, 2018
I hope it will not affect palmy.

102 Likes 3 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by SamuelAnyawu(m): 4:34pm On Jun 03, 2018
embarassed
Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Nobody: 4:35pm On Jun 03, 2018
What n0nsense is this? Beer that makes us forget this useless government they want to hike the price.Anything that Easterners and southerners consume is always a target. The money will still be used to develop North

217 Likes 13 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by engrfcuksmtin(m): 4:37pm On Jun 03, 2018
33 is now 220 naira in my area. Buhari why?

66 Likes 2 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Viergeachar: 4:37pm On Jun 03, 2018
Thank God I neither smoke nor drink.

E no concern me!

62 Likes 2 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by majamajic(m): 4:37pm On Jun 03, 2018
see Oga president u can do all u can I will not complain, but u see this alcohol that I use to step down every evening. me and u go put legs in one trouser. imagine !!!!

98 Likes 3 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by diebuhari1: 4:38pm On Jun 03, 2018
They have already increased prices of beer, Buhari is stylishly implementing Sharia.
My annoyance is that the so called Sharia states will receive a large chunk of this increased tax on alcohol.
Nigeria is useless

135 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Hedonisst: 4:38pm On Jun 03, 2018
It was under this mad man called Buhari that alcohol pump prices increased across board in 2016. Now again, he wants to further worsen matters.

You don't want people to eat (that's why you increased food prices), now you don't want them to drink away their sorrows. Truly, this Buhari is worse than King Herod and Nebuchadnezzar put together. He doesn't want his people to live, he doesn't want them to die. What then does he want? ? ?

139 Likes 5 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by blakid(m): 4:40pm On Jun 03, 2018
Hope my Star Radla is not involved in this development.

9 Likes 2 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by majamajic(m): 4:41pm On Jun 03, 2018
Viergeachar:
Thank God I neither smoke nor drink.

E no concern me!

Bros once it affect drink and smoke, do u think it won't affect olosho ? cos I know if a man don't drink or smoke, he is very good in women affairs.

72 Likes 1 Share

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by blakid(m): 4:43pm On Jun 03, 2018
Hedonisst:
It was under this mad man called Buhari that alcohol prices increased across board in 2016. Now again, he wants to further worsen matters.

You don't want people to eat (that's why you increased food prices), now you don't want them to drink away their sorrows. Truly, this Buhari is worse than King Herod and Nebuchadnezzar put together. He doesn't want his people to live, he doesn't want them to die. What then does he want? ? ?
He wants us inbetween.

5 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by nnachukz(m): 4:43pm On Jun 03, 2018
After raising the revenue from this increment, Northern Governors who call alcohol Haram, destroying where it is being sold in their States will come to Abuja to collect same money without calling it Haram.
Talk about deceit, backwardness and hypocrisy, look up North.

99 Likes 3 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by pyyxxaro: 4:44pm On Jun 03, 2018
HOPE IT WONT AFFECT THE PRICE OF OLIVE OIL


NAA TO PUT SMALL IGBOO SEED /LEAF MAKE THE OLIVE OIL HOT


AT ALL AT ALL NAIM BAD PASS
embarassed

4 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Hedonisst: 4:45pm On Jun 03, 2018
blakid:

He wants us inbetween.

We will not take it. Let him increase the price of Garri and bag of rice to N1m, let him increase pure water to N10k for one sachet, but he shouldn't tamper with alcohol. Otherwise death will be waiting for him at the door.

9 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Blue3k(m): 4:46pm On Jun 03, 2018
The government adding more taxes to vices everyday. Lol its a good time to quit smoking and drinking. At the very least cut back.

6 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Viergeachar: 4:50pm On Jun 03, 2018
majamajic:


Bros once it affect drink and smoke, do u think it won't affect olosho ? cos I know if a man don't drink or smoke, he is very good in women affairs.

I don't do women too... cool

5 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by nnachukz(m): 4:53pm On Jun 03, 2018
Sharia being gradually and deceitfully implemented across the Federation.

41 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Oluwasaeon(m): 5:10pm On Jun 03, 2018
No wonder Chesterfied is now 3 for 50naira.

27 Likes 3 Shares

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by 2RUTHHURTS(m): 5:36pm On Jun 03, 2018
Viergeachar:
Thank God I neither smoke nor drink.

E no concern me!
Make we commot here, if buhari like make he sale beer N1,700 per bottle like IBOM five-star hotel

19 Likes 1 Share

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by mytime24(f): 6:19pm On Jun 03, 2018
Bugari buhari is working undecided

5 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Evablizin(f): 6:49pm On Jun 03, 2018
chyy5:
What n0nsense is this? Beer that makes us forget this useless government they want to hike the price.Anything that Easterners and southerners consume is always a target. The money will still be used to develop North
Chai....

14 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by grandstar(m): 9:46pm On Jun 03, 2018
Blue3k:
The government adding more taxes to vices everyday. Lol its a good time to quit smoking and drink. At the very least cut back.

My real worry are tax cheats. Also local manufacturers in the formal sector who will want to play by the rules may lose out to importers of these products who may be encouraged by the customs to evade paying full duties

3 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by momodub: 9:50pm On Jun 03, 2018
Chia see whala
Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Einl(m): 9:50pm On Jun 03, 2018
The most painful part is not even the increment... what hurts the most is that states that ban alcohol will be the first to share the revenue that will be obtained from this. The south is financing the north. It is not heard anywhere. You give what you get.

35 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Nobody: 9:51pm On Jun 03, 2018
For folks like me who indulge in French brewed red wine, this aint good news. I would however support a heavier tax on cigarette.
Ironically, folks would switch to cheaper , unrefined and more harmful stuffs to stay high.

16 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by Oshin56(m): 9:51pm On Jun 03, 2018
People will now start smoking weed instead of cigarettes

30 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by MANNABBQGRILLS: 9:51pm On Jun 03, 2018
SAY NO TO DRUGS

1 Like 1 Share

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by ZombiePUNISHER: 9:51pm On Jun 03, 2018
Islamisation is in full swing




I know this administration is biased

22 Likes

Re: Nigerians To Pay More For Alcohol, Cigarette As From Monday by IronTete(m): 9:52pm On Jun 03, 2018
Wonderful

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