FG begins implementation of N10/litre excise duty on carbonated drinks

Published

2 years ago

June 24, 2022 2:53 pm

BodexNG

The federal government says it has started the implementation of excise duty of N10/litre on all non-alcoholic, carbonated, and sweetened beverages.

This was disclosed on Thursday by Dennis Ituma, chief superintendent of customs, department of excise, free trade zone and industrial incentives, at a policy meeting in Abuja.

The meeting was organised by the National Action on Sugar Reduction (NASR) to suggest ways to implement taxes and other interventions to reduce the consumption of sweetened beverages in the country.

Zainab Ahmed, minister of finance, budget and national planning, had announced the new tax imposed on sugar-sweetened beverages in January 2022.

Despite several reactions from the National Labour Congress (NLC), Lagos Chamber of Commerce (LCCI), and the Manufacturers Association of Nigeria (MAN), the tax duty was enforced.

Speaking at the event, Ituma said the implementation started on June 1, 2022.

According to him, customs started the implementation of taxing all companies producing sugar-sweetened beverages (SSBs) by sensitising the companies on the need for taxation.

“The N10 per litre of sugar-sweetened beverages (SSBs) has been implemented on June 1, by July 21, all excise duties must have been collected and paid into the federation account,” he said.

“It should interest you that taxation on SSBs was a policy of the federal government in 1984 but was stopped in January 2009.

“Previously both SSBs, alcoholic drinks, and tobacco were all taxed until 2009 when SSBs were removed from taxable beverages.

“Only alcoholic drinks and tobacco generates N414 billion, SSBs will further increase the revenue generated from drinks.”

Ituma further said in order to ensure compliance, the agency has designated resident customs officers to all factories producing SSBs to take measurements of all daily production.

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

8 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

10 hours ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

12 hours ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others