The Nigeria-British Chamber of Commerce(NBCC) has expressed concern over reported plans by the federal ministry of Finance, Budget and Financial Planning. to effect a hike in the specific excise component of some products, including alcoholic and non-alcoholic beverages and tobacco.
The chamber noted that, this is a significant digression from its recently adopted 2022 Fiscal Policy Measures and Tariffs Amendments (FPM 2022) roadmap, which covers the excise expansion from 2022-2024.
In a statement issued by the president and chairman of Council of NBCC, Mrs Bisi Adeyemi, called for a thorough review of the policy considering its impact on the Nigerian business environment.
Adeyemi noted that “the manufacturing sector is currently contending with sundry issues, which include skyrocketing energy costs, rising inflation, foreign exchange scarcity, poor and inadequate infrastructure, increasing difficulties associated with ease of doing business, and other headwinds that increasingly challenge competitiveness in the global market.
“A recent report by the National Bureau of Statistics shows that the value of manufactured goods traded for the second quarter of 2022 fell by 36 per cent compared to the same period in 2021.”
Speaking further, Adeyemi implored the federal government to retain the approved excise regime, as contained in the approved FPM 2022, covering the period from 2022 to 2024, and to urgently engage the affected sectors, chambers of commerce, the organised private sector and other stakeholders, noting that, any sudden hike in excise would be counterproductive.
