Prices of Coke, Pepsi and Fanta to increase as FG imposes N10/litre excise duty on all non-alcoholic drinks
The federal government has introduced an excise duty of N10/litre on all non-alcoholic, carbonated and sweetened beverages.
Excise duty is a form of tax imposed on the production, licensing and sale of goods.
Zainab Ahmed, minister of finance, budget and national planning, said this during the public presentation of the 2022 Appropriation Act today in Abuja.
According to her, the new policy introduced is in the Finance Act signed into law by President Muhammadu Buhari on December 31, 2021.
Apart from the new ‘Sugar Tax’ in section 17, Ahmed said the 2021 finance Act also raised excise duties and revenues for the health sector.
The minister said the excise duty on soft drinks would discourage excessive consumption of sugar beverages which contributes to diabetes, obesity among others.