{"id":8684,"date":"2018-03-11T12:33:15","date_gmt":"2018-03-11T18:33:15","guid":{"rendered":"http:\/\/nigerianews.ca\/?post_type=news&#038;p=8684"},"modified":"2018-03-11T12:33:15","modified_gmt":"2018-03-11T18:33:15","slug":"buhari-approves-price-hike-for-alcoholic-drinks-and-cigarettes","status":"publish","type":"news","link":"https:\/\/nigerianews.ca\/news\/buhari-approves-price-hike-for-alcoholic-drinks-and-cigarettes\/","title":{"rendered":"Buhari approves price hike for alcoholic drinks and cigarettes"},"content":{"rendered":"<p>President Muhammadu Buhari has approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from June 4, 2018.<\/p>\n<p>In a statement in Abuja on Sunday, Kemi Adeosun, the Minister of Finance, said the new excise duty rates were spread over a three-year period from 2018 to 2020 in order to moderate the impact on prices of the products.<\/p>\n<p>The minister said the new excise duty regimes followed all-inclusive stakeholder engagements by the Tariff Technical Committee of the Federal Ministry of Finance with key industry stakeholders.<\/p>\n<p>According to her, the upward review of the excise duty rates for alcoholic beverages and tobacco was to achieve a dual benefit of raising the government\u2019s fiscal revenues and reducing the health hazards associated with tobacco-related diseases and alcohol abuse.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8686\" src=\"https:\/\/nigerianews.ca\/wp-content\/uploads\/2018\/03\/1BB79CF6-CA8A-4B4A-9887-F1A7537A9285.jpeg\" alt=\"\" width=\"913\" height=\"501\" srcset=\"https:\/\/nigerianews.ca\/wp-content\/uploads\/2018\/03\/1BB79CF6-CA8A-4B4A-9887-F1A7537A9285.jpeg 820w, https:\/\/nigerianews.ca\/wp-content\/uploads\/2018\/03\/1BB79CF6-CA8A-4B4A-9887-F1A7537A9285-300x165.jpeg 300w, https:\/\/nigerianews.ca\/wp-content\/uploads\/2018\/03\/1BB79CF6-CA8A-4B4A-9887-F1A7537A9285-768x421.jpeg 768w, https:\/\/nigerianews.ca\/wp-content\/uploads\/2018\/03\/1BB79CF6-CA8A-4B4A-9887-F1A7537A9285-100x55.jpeg 100w\" sizes=\"(max-width: 913px) 100vw, 913px\" \/><\/p>\n<p>\u201cThe Tariff Technical Committee (TCC) recommended the slight adjustment in the excise duty charges after cautious considerations of the Government\u2019s Fiscal Policy Measures for 2018 and the reports of the World Bank and the International Monetary Fund Technical Assistance Mission on Nigeria\u2019s Fiscal Policy.<\/p>\n<p>\u201cThe effect of the excise duty rates adjustment on trade and investment was also assessed by the Federal Ministry of Trade and Investment and it adopted the recommendations of the TTC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Muhammadu Buhari has approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from June 4, 2018. In a statement in Abuja on Sunday, Kemi Adeosun, the Minister of Finance, said the new excise duty rates were spread over a three-year period from 2018 to 2020 in order to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8685,"comment_status":"open","ping_status":"closed","template":"","tags":[],"news-category":[323],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buhari approves price hike for alcoholic drinks and cigarettes<\/title>\n<meta name=\"description\" content=\"Buhari approves price hike for alcoholic drinks and cigarettes\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nigerianews.ca\/news\/buhari-approves-price-hike-for-alcoholic-drinks-and-cigarettes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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