Mixed reactions trail excise duty hike on alcohol, tobacco

Finance and economic experts on Monday expressed mixed reactions on the implementation of a new excise duty rates on alcoholic beverages and tobacco products.

Under the new excise duty rates approved by President Muhammadu Buhari in March, which came into effect on Monday, consumers of alcoholic beverages and tobacco are to pay more for the products.

Speaking in separate interviews with The PUNCH correspondent, some of the experts said that the increase in rates would stifle further investments in these sectors of the economy, others noted that the hike was long overdue.

Those who spoke on the issue were a developmental economist, Odilim Enwagbara; the President, Business Renaissance Group, Mr. Omife Omife; and a former Director-General, Abuja Chamber of Commerce and Industry, Chijioke Ekechukwu.

The PUNCH, June 5, 2018

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