MAN, DIBAN REJECT FEDERAL GOVERNMENTS INCREASE IN PRICE OF ALCOHOL

"DIBAN,MAN REJECT FEDERAL GOVERNMENTS INCREASE IN PRICE OF ALCOHOL"

Manufacturers Disagree With Government Over Increase In Price Of Alcohol And Tobacco

The Federal Government’s hike in excise duties on wines and spirits produced locally has been openly rejected by the Manufacturers Association of Nigeria, MAN, and Distillers and Blenders Association of Nigeria, DIBAN noting that “International Monetary Fund, IMF-backed policy state that it is wrong for the economy and bad for business.”
DIBAN’s Chairman, Engr. Patrick Anegbe, during a briefing in Lagos said: “We are not against government fiscal revenue drive. But this policy must be halted until wide consultations with stakeholders”.
“The hike can lead to collapse of indigenous wines and spirits sector, leading to job loss and a multiplier negative effect on other sub-sectors. It threatens N420 billion investments.”
K-LiRT News PROOF recalls the Federal Government had, in March, announced a new excise duty of N1,350 per case, from N270, in the first year; and in the second year, N1,800. This is about 545 percent increase. Government gave 90 days before implementation commences.
However, at the briefing which had Director-General, MAN, Mr. Segun Ajayi Kadiri; Secretary General of DIBAN, Mr. Fatai Odesile among others in attendance, The unions were of the opinion that the policy will destroy local industry and also make the wines and spirits industry unregulated and unmonitored, thereby constituting health hazard.

K-LiRT had earlier reported that manufacturers in the country have expressed displeasure over the planned increase by the federal government.

Latest Nigeria News Of The Day