The minister of finance, budget and national planning Zainab Ahmed has announced the new move by the Federal Government to raise excise duties and revenues for health-related and other critical expenditures.
Speaking during a public presentation of the 2022 Appropriation Act in Abuja on Wednesday, January 5.she said an excise duty of N10/litre has been placed on all non-alcoholic, carbonated and sweetened beverages to reduce the negative impact of diabetes
Ahmed indicated that the excise duty was introduced in line with the Finance Act signed into law by President Muhammadu Buhari on December 31, 2021.
According to her the new tax regime might go a long way in discouraging excessive consumption of sugar beverages which contributes to diabetes, obesity among others.
“There’s now an excise duty of N10/ per litre imposed on all non-alcoholic and sweetened beverages.
“And this is to discourage excessive consumption of sugar in beverages which contributes to a number of health conditions including diabetes and obesity.
“But also used to raise excise duties and revenues for health-related and other critical expenditures.
“This is in line also with the 2022 budget priorities.”