AFBTE, NUFBTE call on FG to rescind new excise duty rate on alcohol, tobacco set for June

Stakeholders in the food, beverage and tobacco sub-sector have called on the Federal Government to suspend its proposed increase on excise duty rates on alcoholic beverages and tobacco products which is set to go into effect on June 4, 2018. The group said that it was with deep regret that the government was making plans to raise the excise duty rates at a time industry producers were experiencing declining volumes and contracting margins, noting that the effect of absorbing the cost of the new excise duty regime would be over-whelming on industry players. They note that the new development would reverse some of the earlier gains made which saw a GDP growth rate of 8.62% in the sub-sector in 2017 over 2016 and representing a growth rate of 2.35% The Minister of Finance, Kemi Adeosun had in...

Fayemi returning political violence to Ekiti, plans to unleash terror on opponents – PDP guber candidate

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The Kolapo Olusola Campaign Organisation (KOCO), the campaign organization of the Ekiti State Deputy Governor and Peoples Democratic Party (PDP) governorship candidate, Prof Kolapo Olusola has accused the All Progressives Congress (APC) candidate, ...Powered by WPeMatico