“Many upcoming small businesses in the beverage sector would be hard hit by this proposal. The millions of micro enterprises in the soft drinks’ fruit juice distribution chain will be adversely impacted by the imposition of the excise tax,” he said.
“Seeing that the affected sub-sector has contributed most significantly to the economy and taxes despite the debilitating impact of naira devaluation, inadequacy of forex and the COVID-19 pandemic. The food and beverage contributed the highest of the total manufacturing sector to the GDP, it comprises 22.5 per cent of manufacturing jobs and generates more than 1.5 million jobs. So, this excise would certainly cast a sunset to this performance,” he said.
“The chamber supports both the government’s revenue drive and the pro-health considerations of several stakeholders, recommending that the realized revenue from these levies be channeled into improving the country’s grossly inadequate health infrastructure. The allocation to the health sector in the 2022 federal budget of N876 billion should be reviewed upward to the region of a trillion naira invested into the sector in the next ten years,” she said.
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