More trouble for Olamide Science students, as President Muhammadu Buhari approved new excise duty rates on alcohol and cigarettes

The Minister of Finance, Mrs. Kemi Adeosun, who announced this, in Abuja, Sunday, stated that the new excise duty rates were spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the affected products. Under the newly approved excise duty rates for tobacco, in addition to the 20 per cent ad-valorem rate, each stick of cigarette will attract a N1 (N20 per pack of 20 sticks) in 2018, N2 specific rate per stick (N40 per pack of 20 sticks) in 2019 and N2.90k specific rate per stick (N58 per pack of 20 sticks) in 2020.

The new specific excise duty rates for alcoholic beverages cut across Beer & Stout, Wines and Spirits for the three years 2018 to 2020. Under the new regime, Beer & Stout would attract N0.30k per centiliter (Cl) in 2018 and N0.35k per Cl each in 2019 and 2020. Wines would attract N1.25k per Cl in 2018 and N1.50k per Cl each in 2019 and 2020, while N1.50k per Cl was approved for Spirits in 2018, N1.75k per Cl in 2019 and N2.00k per Cl in 2020.

The Minister disclosed that the new excise duty regimes followed all-inclusive stakeholder engagements by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders. According to her, the upward review of the excise duty rates for alcoholic beverages and tobacco would achieve dual benefits of raising the government revenues.

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