Friday, December 9, 2022

Manufacturers beg NASS to stop additional tax on carbonated drinks

NUFBTE has appealed to the National Assembly to intervene to avert increasing excise duties on carbonated drinks.

• November 10, 2022
CARBONATED DRINKS
Carbonated Drinks.

The National Union of Food, Beverages and Tobacco Employees (NUFBTE) has appealed to the National Assembly to intervene to avert increasing excise duties on carbonated drinks.

The union made the appeal in a letter signed by Lateef Oyelekan and Mr Mike Olanrewaju, its national president and general secretary, respectively, on Wednesday.

“While we hope that this appeal will be found worthy of your kind consideration, we continue to assure you the deepest of our regards and unwavering solidarity,” stated the union.

It said no fewer than 5,000 Nigerian workers became redundant between January and September this year when the first phase of the excise duties was introduced to date.

“Manufacturers, for the fear of paying excise duties on products, which the market is no longer sustainable have drastically reduced their productions. Therefore, it is foisting possible reduction on their shareholders’ dividends and also impacting negatively on the Nigerian economy,” added the union.

The union expressed worry over foreign products flooding the market.

“This is largely on the ground of affordability in the foreign and/or imported carbonated drinks, which is now ostensibly affordable and price friendly rather than the locally-produced ones,” it added. “They enjoy greater patronage in detriment to our locally made products and this is attributed to the increment of price introduced by the manufacturers on their products.”

The union explained that the “cause of these price increases is born out of (the) introduction of the first phase of the excise duty, for which the consequence inevitably lies with their respective customers and consumers to bear.”

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Nigerian Exchange

Economy

Stock market rebounds by 1.07% amid buying interests 

A total of 100.82 million shares valued at N1.14 billion were exchanged in 2,440 deals.

Politics

2023: INEC begins voter migration exercise in Borno 

A total of 411 polling units with over 1,000 voters would be migrated to 336 less populated ones.

Croatia celebrating their win against Brazil

Sport

Qatar 2022: Croatia send Brazil out of World Cup

Croatia held Brazil to a 1-1 draw and eventually won in penalty shootout that ended 4-2.

Vehicles queue for petrol

NationWide

NUPEG moves to end fuel scarcity; gives marching order to tanker drivers, others 

NUPENG further ordered employees at gas stations and depots to abstain from any unlawful activity that could contribute to fuel shortage.

The new Palestinian Ambassador to Nigeria, Abdullah Shawesh

Agriculture

Palestinian envoy pledges support to Nigeria’s agric sector

Abdullah Shawesh pledged to support Nigeria with his vast knowledge in the agricultural sector.

An image of a meeting of the National Working Committee (NWC) held in Abuja

Hot news Home top

Labour Party removes spokesman, sacks Ogun excos

The party scribe said a caretaker committee would be appointed to take charge of the party’s activities in Ogun State pending further recommendations.