{"id":74095,"date":"2022-10-11T16:12:26","date_gmt":"2022-10-11T15:12:26","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty"},"modified":"2022-10-11T17:40:39","modified_gmt":"2022-10-11T16:40:39","slug":"nigerian-employers-reject-fgs-plan-to-increase-excise-duty","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty","title":{"rendered":"Nigerian employers reject FG\u2019s plan to increase excise duty"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Nigeria Employers\u2019 Consultative Association (NECA) has rejected the plan by the Federal Government to increase tariffs on certain products.<\/p>\n

Minister of Finance, Zainab Ahmed, announced the proposal of higher duty on tobacco, spirits, alcoholic and non-alcoholic beverages.<\/p>\n

NECA Director-General, Adewale Oyerinde warned that its implementation would adversely affect production and consumption.<\/p>\n

Oyerinde said it negates the roadmap in the 2022 Fiscal Policy Measures and Tariffs Amendments (FPM 2022).<\/p>\n

The DG noted that historically, increments in duty often do not translate to increased revenue in the medium to long term.<\/p>\n

NECA insists the more sustainable an excise regime is, the better the industry can contribute to the government treasury.<\/p>\n

The body said recent economic growth has been driven largely by the non-oil sector, and subjecting it to hardship will have negative impacts.<\/p>\n

\u201dThe current minimal growth of the economy is an indication that a huge tax hike would not achieve the desired results for all stakeholders.<\/p>\n

\u201dIf another increase is imposed, the industry will suffer a further setback and more consumers may tilt toward purchases of products that are less expensive.\u201d<\/p>\n

NECA added that such alternatives are typically those sourced from the illicit market, which the government neither gets tax nor excise.<\/p>\n

Oyerinde said while efforts are being made to get industries to stay afloat and tackle employment, policies that could disrupt gains should be suspended.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Nigeria Employers\u2019 Consultative Association (NECA) has rejected the plan by the Federal Government to increase tariffs on certain products. Minister of Finance, Zainab Ahmed, announced the proposal of higher duty on tobacco, spirits, alcoholic and non-alcoholic beverages. NECA Director-General, Adewale Oyerinde warned that its implementation would adversely affect production and consumption. […]<\/p>\n","protected":false},"author":84,"featured_media":74094,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[1570,2140,1261,254,1017],"class_list":["post-74095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-nigeria-2","tag-neca","tag-nigeria","tag-zainab-ahmed"],"yoast_head":"\nNigerian employers reject FG\u2019s plan to increase excise duty - Nigeria<\/title>\n<meta name=\"description\" content=\"The Nigeria Employers\u2019 Consultative Association (NECA) has rejected the plan by the Federal Government to increase tarif ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian employers reject FG\u2019s plan to increase excise duty\" \/>\n<meta property=\"og:description\" content=\"The Nigeria Employers\u2019 Consultative Association (NECA) has rejected the plan by the Federal Government to increase tarif ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-11T15:12:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-11T16:40:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/10\/postQueueImg_15-63459c6ac05de.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigerian employers reject FG\u2019s plan to increase excise duty\",\"datePublished\":\"2022-10-11T15:12:26+00:00\",\"dateModified\":\"2022-10-11T16:40:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty\"},\"wordCount\":246,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/10\/postQueueImg_15-63459c6ac05de.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"NECA\",\"Nigeria\",\"Zainab Ahmed\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/nigerian-employers-reject-fgs-plan-to-increase-excise-duty\",\"name\":\"Nigerian employers reject FG\u2019s plan to increase excise duty - 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