The Federal Government plans to raise N250.09bn from excise duty in 2023, according to findings by The PUNCH.
This was according to the 2023 fiscal framework document obtained by our correspondent.
According to the document, the Federal Government targeted N98.53bn from excise duty in 2021 and N161.7bn in 2022.
New excise tax may lead to collapse of soft drinks sector – Sectoral Group of MAN cries out!
This shows that the government revenue target from excise duty rose by 153.82 per cent in two years and 54.66 per cent in one year.
It was reported in November last year that the Federal Government plans to introduce more sin taxes and cut down on tax incentives in 2023 through the proposed 2022 Finance Bill.
However, experts and organisations have kicked against the government introducing more excise tax.
The carbonated soft drinks Group of the Manufacturers Association of Nigeria in December last year said that the Federal Government’s claim to add a 20 per cent Ad-Valorem Excise Tax on carbonated soft drinks in a bid to raise taxes for investment into health is misleading.
