The Manufacturers Association of Nigeria, MAN, has commended the Federal Government of Nigeria, for halting the proposed increase in exercise duty on Alcoholic, non –Alcoholic Beverages and Tobacco.
The decision to halt the Increase was as a result of the intervention of the Association. MAN convinced the Minister for Finance that it would impact negatively on the manufacturers.
“The Association is gladdened by the assurances of the Minister, Hajiya Zainab Ahmed that the 2023 Fiscal Policy Guidelines and the reconsideration of the Finance Act 2023 have been concluded and would be released immediately. In specific terms, she assured that the guidelines would not include the proposed increase in Excise duty on Beer, Wines and Spirits, Tobacco and Non-Alcoholic Beverage in 2023, but rather allow the Excise regime to run its full course from 2022 to 2024 as programmed in the Road Map by the Federal Government in 2022”, said the DG, Segun Ajayi-Kadir.
“This comes as a huge relief to our members across the Federation and will signpost the administration’s support for the sustenance of manufacturing in Nigeria on this score.
Furthermore, MAN received the understanding of Government on the introduction of 0.5% Import surcharge, which is meant to fulfill Nigeria’s obligations to the continental agreement in the implementation of Africa Continental Free Trade Area (AfCFTA) agreement, as well as the promised intervention on resolving the logjams in the interpretation of the Tin Plate, HS Code 7210. 12.00.00 with the Nigeria Customs Service”, he added.
“From the foregoing, the Association views the Federal Government’s move as one that will encourage our members who are currently struggling with unprecedented low sales, forex squeeze, inadequate electricity supply and multiple taxes and levies from the three tiers of government. This move will reassure members of the administration’s respect for stakeholder’s engagement and the usefulness of public-private sector dialogue”, he opined.
“As MAN continues to engage with government meaningfully on matters bordering on the nation’s economic prosperity, we look forward to improved performance of the manufacturing sector and the economy”, assured the DG.