CPPE Urges Withdrawal of Senate's Proposed Excise Hike on Soft Drinks in Nigeria
The Centre for Promoting Private Enterprise (CPPE) has urged the Senate Committee on Finance to retract its proposal to amend the Customs and Excise Act by raising excise duties on non-alcoholic beverages. CPPE's CEO, Dr. Muda Yusuf, argues that imposing additional taxes on soft drink manufacturers is inconsistent with the current economic reality of Nigeria.
The group warns that the excise hike could undermine economic recovery efforts, weaken the manufacturing sector, and burden consumers further. CPPE emphasizes the need for fiscal measures to align with broader macroeconomic conditions and highlights the potential negative impact on job losses and public health concerns.
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