PRICES OF SOFT DRINKS TO INCREASE AS FG INTRODUCES #10 PER LITRE EXCISE DUTY ON CARBONATED DRINKS

 PRICES OF SOFT DRINKS TO INCREASE AS FG INTRODUCES #10 PER LITRE EXCISE DUTY ON CARBONATED DRINKS 

The Federal government has introduced an excise duty of #10/litre on all non-alcoholic, carbonated and sweetened beverages.

 Excise duty is a form of tax imposed on the production, licensing and sale of goods. The Minister of finance, budget and national planning made this declaration during the public presentation of the 2022 Appropriation act on Wednesday in Abuja. 

She also disclosed that the new policy is in the Finance Act signed into law by President  Muhammadu Buhari on December 31, 2021. With the policy, the prices of carbonated drinks may spike across the country. The minister also added that this development would curb excess sugar consumption which contributes to diabetes, obesity and other health issues.