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 N20 per pack of 20 sticks in 2018.
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This one concerns walking chimneys n breweries or distillery.
ReplyDeletePeople go still smoke. Love malboro
ReplyDeleteMalboro still dey town? I have not seen it for a long time and also do we still have benson and hedges? Na question i ask o
DeleteSo they want to systematically turn Nigeria into a Sharia country?
ReplyDeleteIt would take over a decade to restore the damages Buhari and his useless policies has caused!
So from the above narrative, this was all you could grasp??
DeleteShame!
I hope this won't increase the abuse of drugs(codeine, cannabis etc) to get high since alcohol and cigarettes might not be affordable by the majority of youths.
ReplyDeleteWhat nonsense! Most clueless president ever 😠😠😠 wetin concern you with our sekpe nah.increase cigarette but leave our alcohol for us ok.
ReplyDeleteShebi na him people dey smoke like chimney and drink like a fish. Congrats to all who this will affect.
ReplyDeleteI ve been buying my fav cig brand at N250 per pack since March. It had been stable at N200 since 2012. No price is too much for what gives one pleasure. We go still buy, whatever the price.
ReplyDelete🖒🙆 Correct 🙌
DeleteAwon boys will swerve to on a codeine diet
ReplyDeleteAnd many people will loose their job, I hope the government consider that.
Delete