shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Economist Counsels FG Against Introduction Of Excise Duty On Carbonated Drinks

Economist Counsels FG Against Introduction Of Excise Duty On Carbonated Drinks

by Joshua
September 7, 2021
in Featured, News

Economist and Private Sector Advocate, Dr Muda Yusuf, has counselled the National Assembly and the Federal Ministry of Finance to halt moves to impose excise duty on any segment of the Nigerian manufacturing sector.

MUDA YUSUF 2

Yusuf, also the former Director-General of the Lagos Chamber of Commerce and Industry (LCCI), gave the advice in an interview with the News Agency of Nigeria (NAN) on Monday, in Lagos.

The Comptroller-General of the Nigeria Customs Service(NCS), Col. Hameed Ali (rtd), had on Sept. 1, at the 2022–2024 Medium Term Expenditure Framework [MTEF], proposed the introduction of excise duty on soft drink production in the country.

Yusuf, however, described the move as ill-timed, inappropriate and detrimental to the growth of the manufacturing sector.

He stated that the proposal was also a negation of the economic recovery and job creation objectives of the federal government and detrimental to the job creation and poverty reduction commitments of President Muhammadu Buhari.

“Many upcoming small businesses in the beverage sector would be hard hit by this proposal. The millions of micro enterprises in the soft drinks’ distribution chain will be adversely impacted by the imposition of the excise tax.

“The reality is that Nigerian manufacturing companies are going through tremendous stress at the moment, affecting sales, turnover, profitability, shareholder value and the sustainability of investments in the sector.

“The sector has excellent potentials for accelerated growth job creation and this outlook should not be dampened by the imposition of additional tax.

“The norm globally now is to provide incentives for industries to aid their recovery from the shocks of the pandemic and we cannot afford to be doing the exact opposite,” he said.

Yusuf stressed that the economy was still in a recovery phase, with many manufacturing companies yet to recover from the shocks and dislocations inflicted by the pandemic and the recession that followed.

He noted that the manufacturing sector offered a good platform for the laudable aspirations of President Buhari to create jobs and lift people out of poverty.

The industrialist, however, noted that if the burden of tax became excessive and unbearable on the sector, the achievement of job creation and alleviation of poverty promised by the president would be difficult to achieve.

“Manufacturing contribution to Gross Domestic Product is still less than 10 per cent and the growth recorded in the sector in the second quarter of 2021 was a mere three per cent.

Read Also;  Nigeria Spends N1.47tn On Petrol Imports In Six Months

“It is worthy of note that manufacturers are already paying numerous taxes and levies which puts a lot of pressure on them.

“Some of the taxes and levies that are already being paid include: corporate income tax of 30 per cent, education levies of two per cent, Value Added Tax (VAT) 7.5 per cent, withholding tax, land rent, environmental tax and numerous unofficial taxes imposed by touts and area boys.

“There are also issues of extortions as a result of the check points around the country, multitude of fees and levies imposed by many other government agencies at the Federal, State, and Local Government levels.

“Given the strategic importance of manufacturing to an economy, what the sector needs at this time is more stimuli to ensure better contribution to the GDP,” he said.

shippingposition

Kindly like us on Facebook


Tags: Dr Muda YusufExcise Duty

Related Posts

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

July 5, 2025
NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

July 5, 2025
Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

July 5, 2025
Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

July 4, 2025

Discussion about this post

Latest News

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

July 5, 2025

NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

Nigeria Maintains Zero Piracy In 3 Years-Oyetola

Tin Can Customs Rakes In ₦747bn In 6 Months

Customs Intercepts 2,693 Parcels Of Hemp In Ogun

NRC To Restore Offa Train Service Before End Of 2025 – Opeifa

Customs CG Honoured by Officers as Chairperson of the WCO Council

Customs CG Donates 13 Vehicles To Customs Idiroko Command

Apapa Customs Seals Three Bonded Terminals, Seizes 27 Containers in Anti-Smuggling Crackdown

Clarion Shipping Unveils Nigeria’s First Indigenous Container Vessel, Targets West African, China-Nigeria Trade Routes

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver The liver is a vital organ located in the right upper abdomen, playing a crucial role in metabolism, detoxification, and digestion. It’s the largest solid organ in the body and is responsible for filtering blood, maintaining blood sugar levels, regulating clotting, and synthesizing essential proteins. The liver also stores energy, removes toxins, and produces bile, which aids in digestion Liver functions: · Metabolism and Detoxification: The liver processes nutrients from the blood, breaks down and balances them, and creates essential substances for the body. It detoxifies harmful substances like drugs and alcohol, converting them into less toxic forms for excretion. The liver plays a role in the metabolism of proteins, carbohydrates, and fats. It stores glycogen (a form of glucose) and vitamins, releasing them when the body needs them. · Digestion: The liver produces bile, which is stored in the gallbladder and released into the small intestine to help digest fats. Bile also helps in the absorption of fat-soluble vitamins. · Blood Regulation: The liver regulates blood sugar levels by storing and releasing glucose. It synthesizes clotting factors, which are essential for blood clotting. It removes old red blood cells and processes bilirubin, a byproduct of red blood cell breakdown. · Other Functions: The liver plays a role in immunity, helping to fight off infections. It produces proteins that are involved in the immune response. The liver also stores iron and other essential minerals. Frequently Asked Questions About The Liver · What are the first signs of a bad liver? The initial signs of liver problems can be vague and subtle, often including fatigue, nausea, and loss of appetite. As the liver’s condition worsens, more specific symptoms may emerge, such as jaundice (yellowing of the skin and eyes), itchy skin, dark urine, and light-colored stools. Abdominal pain, especially in the upper right quadrant, can also indicate liver issues. · Where do you feel liver pain? Liver pain is typically felt in the upper right abdomen, just beneath the rib cage. It can manifest as a dull, throbbing pain, a stabbing sensation, or a general feeling of discomfort in that area. In some cases, liver pain might be felt as an ache in the right shoulder or back. · What does liver pain feel like? How liver pain feels can vary from person to person, depending on the cause. However, most people often develop one or more of the following symptoms: Dull, persistent aches in the upper abdomen A feeling of fullness or bloating Sharp, stabbing pains that come and go Tenderness when the upper abdomen is touched · What is the best way to cleanse your liver? If you haven’t been working out, start indulging in a regular exercise regime to allow the toxins to come out of your body. Yoga, going running, hitting the gym, or a simple sauna session can also prove effective. If you want a natural liver cleanse, sweating is the way to go. · How to know if the liver is swollen? What are the symptoms of an enlarged liver? You likely won’t notice an enlarged liver on your own. In some severe cases, you might notice a feeling of bloating or fullness in your belly or an ache in your upper right abdomen. · What is the best drink to flush your liver? Many citrus fruits, including lemon, can be added to water to help stimulate and flush out the liver. Lemons are high in nutrients like vitamin C and antioxidants

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition