Senate urges fg to suspend tariff increment on alcohol others
You're referring to the recent development in Nigeria!
Yes, you're correct. The Nigerian Senate has urged the Federal Government to suspend the planned increment in tariffs on alcohol and other products. Here's a brief summary:
Background: The Federal Government had announced plans to increase tariffs on over 40 products, including alcohol, to boost revenue and support local industries. The tariff increment was scheduled to take effect from July 2022.
Senate's stance: The Senate, in a motion moved by Senator Olamilekan Adeola (APC-Lagos), urged the Federal Government to suspend the planned tariff increment on alcohol and other products. The lawmakers argued that the move would lead to increased prices of goods and services, negatively impacting the economy and the people.
Reasons for the opposition: The Senate cited several reasons for opposing the tariff increment, including:
- Job losses: The increment would lead to job losses in the affected industries, exacerbating the already high unemployment rate in the country.
- Inflation: The increased prices of goods and services would fuel inflation, eroding the purchasing power of Nigerians.
- Economic hardship: The tariff increment would worsen the economic hardship faced by many Nigerians, particularly the poor and vulnerable.
- Unfair to local industries: The Senate argued that the tariff increment would not benefit local industries, as most of the products affected are imported.
Next steps: The Senate has called on the Federal Government to engage with stakeholders, including manufacturers, importers, and consumers, to find alternative solutions to boost revenue and support local industries. The lawmakers have also urged the government to consider the negative impact of the tariff increment on the economy and the people.
It's interesting to see how this development unfolds, and whether the Federal Government will heed the Senate's advice or proceed with the planned tariff increment.