The Federal Government of Nigeria is deliberating on introducing excise duties on carbonated drinks.
This was disclosed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed in an interview on Thursday on the sidelines of the ongoing World Bank/IMF Annual Meetings in Washington DC, United States.
The Minister explained that, besides the proposed increase in VAT, the excise duty was one of the ways that the government was looking at to broaden its revenue base.
She said there would be consultations with all stakeholders on the proposal in line with standard policy formulation process.
She explained that newly introduced tax will involve a lot of consultations and also amendments of some laws or introduction of new regulations.
The Carbonated drinks include brands such as Coca Cola, Sprite and Fanta, while excise duty is a tax levied on locally produced goods.
Mrs Ahmed said the ministry of Finance, Budget and National planning is working with all the agencies to ensure that collaboration is strengthened in revenue generation.
She further stated that:
“efforts are ongoing to improve the monitoring performance of the revenue-generating agencies, especially government-owned enterprises,”
“We have now in place a rigorous monthly reconciliation of revenues and that is ensuring that the leakages are minimised.”