By Eyo Nsima
The Manufacturers Association of Nigeria (MAN) has thrown its weight behind the federal government on its decision to stop the increase in excise duty on alcoholic, and non-alcoholic beverages, and tobacco.
The Director General, MAN, Mr Segun Ajayi-Kadir, also supported the government’s decision to allow the 2022 – 2024 Federal Government Sectoral Roadmap to run its full course.
In a statement, obtained by The Daily, https://thedaily-ng.com, Ajayi-Kadir, stated: “The association is gladdened by the assurances of the Minister 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 Beverages in 2023, but rather allow the excise regime to run its full course from 2022 to 2024 as programmed in the Roadmap by the Federal Government in 2022.
“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 the government on the introduction of a 0.5% Import surcharge, which is meant to fulfill Nigeria’s obligations to the continental agreement in the implementation of the 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.
“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.”