5th January, 2022
By Folasade Akpan
The federal government has introduced an excise duty of N10 per litre on all non-alcoholic, carbonated and sweetened beverages.
Zainab Ahmed, the minister of Finance, Budget and National Planning disclosed this on Wednesday at the public presentation and breakdown of the 2022 budget.
According to her, the charge on beverages is a new policy introduced in the Finance Act signed into law by President Muhammadu Buhari on Dec. 31, 2021, alongside the 2022 Appropriation Bill.
Ahmed said the new ‘Sugar Tax’ was introduced to raise excise duties and revenues for health-related and other critical expenditures in line with the 2022 budget priorities.
She said it is aimed at discouraging excessive consumption of sugar in beverages, which contributed to diabetes, obesity and other diseases.
She added that the Finance Act also raised excise duties and revenues for the health sector.
NAN