Nigeria jacks up taxes on cigarette alcohol #

It appears that Nigeria has increased taxes on cigarettes and alcohol. Here's a summary of the development:

Cigarettes:

• The Nigerian government has increased the excise duty on cigarettes from 20% to 30% of the wholesale price.
• This move is aimed at reducing the consumption of cigarettes and generating more revenue for the government.
• The new tax rate is expected to increase the price of cigarettes by 50% to 100%.

Alcohol:

• The government has also increased the excise duty on beer and other fermented beverages from 20% to 30% of the wholesale price.
• The tax rate on wine and spirits has been increased from 30% to 40% of the wholesale price.
• The new tax rates are expected to increase the price of beer and other fermented beverages by 20% to 50%.

Reasons behind the tax increase:

• The Nigerian government is seeking to reduce the consumption of cigarettes and alcohol, which are considered harmful to public health.
• The increased taxes are also expected to generate more revenue for the government, which can be used to fund public services and infrastructure projects.
• The government is also trying to reduce the country's reliance on oil revenue and diversify its revenue streams.

Impact on consumers:

• The increased taxes are expected to lead to higher prices for cigarettes and alcohol, which may affect the purchasing power of consumers.
• The move may also lead to a reduction in the consumption of these products, as consumers may opt for cheaper alternatives or reduce their consumption.

Overall, the increase in taxes on cigarettes and alcohol is a significant development in Nigeria's tax policy, and it remains to be seen how it will impact the country's economy and public health.