Nigeria-British Chamber of Commerce, NBCC, has expressed concern on reported plans by the Federal Ministry of Finance, Budget and National Planning to effect a hike in the excise duty on some products, including alcoholic and non-alcoholic beverages and tobacco.
This, according to NBCC, is a significant digression from its recently adopted 2022 Fiscal Policy Measures and Tariffs Amendments (FPM 2022) roadmap, which covers the excise expansion from 2022-2024 as approved by the President in March 2022.
In a statement issued by the President and Chairman of Council, NBCC, Mrs Bisi Adeyemi, the body called for a thorough review of the policy considering its impact on the Nigerian business environment.
According to her, “While we understand and appreciate the need to improve Federal Government income, a holistic review of the peculiarities of Nigeria’s current micro and macroeconomic realities as well as the impact of these on businesses and Nigerians specifically, should be undertaken.
“This is to ensure sustainability and minimise the negative impact on the affected sectors including the value chain that will be the hardest hit. Long and medium-term plans and policies that will allow for the engagement and input of all stakeholders usually yield optimal outcomes.
“The manufacturing sector is currently contending with sundry issues, which include skyrocketing energy costs, rising inflation, foreign exchange scarcity, poor and inadequate infrastructure, increasing difficulties associated with ease of doing business, and other headwinds that increasingly challenge competitiveness in the global market.”
