President
Muhammadu Buhari has approved an amendment to the excise duty rates for
alcoholic beverages and tobacco with effect from June 4, 2018.
In a statement in Abuja on Sunday, Kemi
Adeosun, the Minister of Finance, said the new excise duty rates were spread
over a three-year period from 2018 to 2020 in order to moderate the impact on
prices of the products.
The minister said the new excise duty regimes
followed all-inclusive stakeholder engagements by the Tariff Technical
Committee of the Federal Ministry of Finance with key industry stakeholders.
According to her, the upward review of the
excise duty rates for alcoholic beverages and tobacco was to achieve a dual
benefit of raising the government’s fiscal revenues and reducing the health
hazards associated with tobacco-related diseases and alcohol abuse.
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