Business
Ministry Defends New Excise Duty On Alcoholic Drinks
The Federal Ministry of Finance says the new excise duty rates on alcohol and cigarettes, which came into effect on June 4, is not targeted at destroying local manufacturers.
The Director of Information, Federal Ministry of Finance, Mr Hassan Dodo, said this in a statement yesterday in Abuja.
According to him, the purpose of introducing the new duty is to increase government’s revenue.
“Contrary to claims that the rates are selectively imposed on local manufacturers, there is currently a 60 per cent duty rate imposed on imported alcoholic beverages and tobacco.
“This is part of measures by the government to encourage local production and protect local manufacturers.
“It should also be noted that beer and stout are currently under import prohibition to protect the industry from unfair competition from foreign brands.
“In addition, other locally excisable products such as non-alcoholic beverages, cosmetics, perfumes, corrugated papers or paper boards and cartons have no excise duties, “ he said.
Dodo stated that the approved excise duty rates followed all-encompassing engagements with key industry stakeholders by the Tariff Technical Committee (TTC), of which Manufacturers Association of Nigeria (MAN) is a member.
Dodo also reiterated the Federal Government’s commitment to achieving its industrialisation agenda.
He said that the government would continue to put in place fiscal policy measures to protect local manufacturers and stimulate the growth of the economy.
President Muhammadu Buhari in March approved the increment of excise duties on alcohol and tobacco.
Under the new rates, excise duty for cigarette would be N20 per pack of 20 sticks in 2018, N40 per pack of 20 sticks in 2019 and N58 per pack of 20 sticks in 2020.
Beer and stout will attract 0.30k per centilitre (cl) in 2018 and 0.35k per centlitre each in 2019 and 2020.
Wines will attract N1.25k per cl in 2018 and N1.50k per cl each in 2019 and 2020.
In addition, N1.50k per cl was approved for spirits in 2018, N1.75k per cl in 2019 and N2 per cl in 2020.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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