March 12 (Lagos) - President Buhari has approved an increase in excise duties on tobacco and alcoholic beverages, the finance ministry said in a statement on Sunday.
In addition to a 20% tax on tobacco, the government will add an extra fixed tax per cigarette. A percentage tax on alcoholic beverages will be replaced by taxes of fixed amounts based on volume.
The finance ministry said the changes will take effect from June 4 this year.
While no tobacco Company is listed on the Nigerian Stock Exchange, there are major breweries which are listed such as NB
and this move could potentially have a negative impact on their stock prices because it could make their products more expensive which could impact consumption levels.
reporting for easykobo.com on Monday, March 12 2018 from Lagos, Nigeria
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