What To Expect After New Excise Duty On Alcohol
In coming months, popping champagne and other exotic wines in Nigeria may attract more money.
But people who enjoy these drinks may have nothing to worry about.
There is a new excise duty on alcoholic drinks that are imported into Nigeria and seen as luxury.
The new excise duty rate for alcoholic beverages cuts across Beer and Stout, Wines and Spirits for the three years 2018 to 2020.
“Under the new regime, Beer & Stout would attract N0.30k per centilitre (Cl) in 2018 and N0.35k per Cl each in 2019 and 2020.
“Wines would attract N1.25k per Cl in 2018 and N1.50k per Cl each in 2019 and 2020, while N1.50k per Cl was approved for Spirits in 2018, N1.75k per Cl in 2019 and N2.00k per Cl in 2020," the Minister of Finance, Mrs Kemi Adeosun said on Sunday.
With the figures presented by the Federal Government, the prices of thes exotic drinks are not expected to be much different in coming months from what they are now.
A 75cl or 750ml bottle of wine (the popular wine bottle) will now attract about 94 Naira in 2018 and 113 Naira in 2019 and 2010.
With the new excise duty, the government hopes to generate more revenue and also discourage people from consuming plenty of alcohol which it said had its health risk.
But it is not certain that this increase in duty will deter Nigerians from taking imported alcoholic drinks.
The new excise duty, which has been approved by President Muhammadu Buhari, will take effect from June 4, 2018.
While imported alcoholic drinks attract new excise duty, it is not applicable to locally excisable products.