The Federal Government of Nigeria has approved an amendment to the excise duty rates for alcoholic beverages and tobacco products.
Minister of Finance, Mrs. Kemi Adeosun said the approval was given by President Muhammadu Buhari and would become effective from Monday June4, 2018.
In a statement issued by Adeosun on Sunday in Abuja, said the President also granted a grace of 90days (3 months) to all local manufacturers before the commencement of the new excise duty regime. However, she stated that there will be no increase in excise duty of other locally produced goods.
Adeosun stated that the new excise duty rates were spread over a three- year period from 2018- 2020 in order to moderate the impact on prices of the products. The new specific excise duty rate for alcoholic beverages cuts across beer and stout, wines and spirits for the three years covering 2018 to 2020.