CPPE Warns of Job Losses and Inflation Over Proposed Tax Hike on Soft Drinks in Nigeria
The Centre for Promoting Private Enterprise (CPPE) cautions against the Nigerian government's proposal to increase excise duty on non-alcoholic beverages, warning of potential job losses and inflation. Dr. Muda Yusuf, the CPPE director, expresses concerns about the impact on Nigeria's fragile economic recovery, particularly on manufacturers, SMEs, distributors, and retailers already grappling with high inflation and rising costs.
The proposed tax hike could lead to reduced consumer purchasing power, trigger job losses, and force companies to shut down, exacerbating the challenges faced by the manufacturing sector, one of Nigeria's largest employers. Yusuf emphasizes the broader economic and social implications of the tax hike, urging a focus on policies that support job creation and economic growth.
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