The new tax law captured in the 2023 Fiscal Policy measures and was recently introduced by the federal government, has been described as capable of ‘worsening the economic woes of helpless Nigerians who have to contend with dwindling purchasing power.
The document signed by, the minister of Finance, Budget and National Planning, Zainab Ahmed, proposed additional excise taxes ranging from 20% to 100 per cent increases on previously approved rates for alcoholic beverages, tobacco, wines and spirits have been introduced effective from 1 June 2023.
However, the excise duty rate on non-alcoholic beverages is retained at the rate of N10 per litre.
