The Manufacturers Association of Nigeria has called on the Federal Government to jettison its decision to hike the excise duty being paid for alcoholic beverages and tobacco products saying the step would lead to job loss.
With effect from June 4, 2018, producers of both alcoholic beverages and tobacco products will pay higher excise duty. This was made known by the Finance Minister, Mrs. Kemi Adeosun on March 11, a development she said became necessary to raise revenue.
However, reacting to the issue, MAN’s president, Dr. Frank Jacobs, on Monday in Lagos, warned the government against going the route while addressing journalists on the association’s position on the African Continental Free Trade agreement.
Jacobs, said the association was not comfortable with the planned hike and was objected to it.
He said, “During the last presidential engagement forum, I talked about the impact of this excise duty increase on the manufacturing sector. I made it clear that if they go ahead and implement that policy, within the three years when that policy will be in full force, many of the companies that are involved in those product must close shops.”