Written by Editor on March 22, 2018
Manufacturers Association of Nigeria has resisted Federal Government’s proposed hike in the excise duty on alcohol and tobacco products, saying it would lead to shutting down of the firms manufacturing the products and increase job losses.
Association’s President, Dr. Frank Jacobs, stated this in Lagos yesterday while addressing journalists on the Association’s position on the African Continental Free Trade agreement.
Jacobs noted that the association was still engaging the government on the issue, and hoped that the country’s leadership will ponder carefully on the issue and reconsider its decisions.
Recall that the Federal government had on March 11 approved an amendment to the excise tariff rates for alcoholic beverages and tobacco products, to take effect on June 4, this year.
The Minister of Finance, Mrs. Kemi Adeosun, had stated that a grace period of ninety days was granted by President Buhari to manufacturers of the affected products before the new duty regime would go into effect.