CPPE Warns Senate's SSB Bill Could Tax Production

The Centre for the Promotion of Private Enterprise (CPPE), led by Chief Executive Officer Dr. Muda Yusuf, has expressed shock and deep concern regarding the Senate's passage of the Sugar Sweetened Beverages (SSB) Bill.

This bill proposes to replace the current flat excise duty of N10 per liter on non-alcoholic sugar-sweetened beverages with a percentage-based levy on the retail price. CPPE argues that this legislation poses an anti-growth risk, potentially becoming a tax on production, investment, and employment.

They highlight that the bill was passed despite overwhelming objections from the private sector, particularly manufacturers. The CPPE urges the House of Representatives to decline concurrence with the bill, stating that it would impose additional costs on consumers and weaken industrial competitiveness.

They emphasize that the timing of the bill is insensitive, given the current economic pressures, and argue that it contradicts the government's commitment to reducing the tax burden on businesses.