THE Federal Government disconcerted the business community afresh by slamming a new excise duty on carbonated and sweetened beverages as it desperately seeks to raise revenue and tackle health challenges associated with the consumption of sugar-sweetened drinks.
The government however considers it necessary. As explained by the Minister of Finance, Budget and National Planning, Zainab Ahmed, “This is to discourage excessive consumption of sugar in beverages, which contributes to a number of health conditions, including diabetes and obesity. But it is also used to raise excise duties and revenues for health-related and other critical expenditures. This is in line also with the 2022 budget priorities.
Carbonated beverages, or ‘soft drinks’, are non-alcoholic drinks that contain carbonated water, sweeteners, natural or artificial flavouring; the sweetener is usually sugar, high fructose corn syrup, fruit juice. MarketWatch estimated the global soft drinks market to be worth $1.59 trillion in 2020 and projected to grow by 9.31 per cent by 2027. It is also a major driver of employment, exports, and tax revenues.
With a 33.3 per cent unemployment rate, low export revenues and factory closures, the excise duty – a tax on production, licensing, and sale – is ill-timed, and counter-productive. The government hinges its move on health grounds, and to raise cash amidst diminishing revenues, higher costs of running government and prohibitive debt servicing obligations.
Which we results to a new price in the market , how far9ja
More burden
Let’s go back to our zobo and ice water way..Our country did not encourage technology and civilization..
Ehnnn 😳😳😳
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