A leading Tax & Fiscal Policy expert and Head, Tax and Fiscal Policy at PricewaterhouseCoopers (PwC) Nigeria, Mr. Taiwo Oyedele lauded the federal government for engaging with and listening to the legitimate concerns raised by industry players and suspending the proposed increases in excise duty rates, which has generated a lot of interest among key stakeholders and the organised private sector groups.
“Glad to hear that the government is no longer going ahead with the proposed increases, it is great that the government, through the Federal Ministry of Finance and the Fiscal Policy Reform Committee (FPRC), is yielding to the clamour of experts and industry stakeholders. I recommend a more collaborative and evidence-driven approach going forward for future changes,” he said.
Oyedele, noted that given that the government had earlier in 2022 approved excise duty rates for 2022 to 2024, with various increases up to 95% in some instances, further increasing the rates outside the established roadmap would have adverse effects not only on the manufacturing sector but impact the economy negatively.
