Buhari hikes excise duty rates on alcohol tobacco

A recent development in Nigeria!

On October 11, 2020, President Muhammadu Buhari signed the Finance Bill 2020 into law, which includes a hike in excise duty rates on alcohol and tobacco products. The new rates are as follows:

• Alcoholic beverages:
  • Beer: N6.50 per hectoliter (previously N3.50)
  • Spirits: N10.00 per liter (previously N5.00)
  • Wine: N6.50 per liter (previously N3.50)
• Tobacco products:
  • Cigarettes: N24.00 per pack of 20 sticks (previously N15.00)
  • Other tobacco products: N2,000.00 per kilogram (previously N1,200.00)

The Finance Bill 2020 aims to increase government revenue and reduce the country's reliance on oil exports. The excise duty hike is expected to generate additional revenue for the government, which can be used to fund various public projects and services.

It's worth noting that the new excise duty rates will take effect from November 3, 2020.