Business
EZEBUILO Ukwueze, Senior lecturer, Department of Economics, University of Nigeria, Nsukka, UNN, has applauded Federal Government for increasing excise duty on alcoholic drinks and tobacco.
Ukwueze told the News Agency of Nigeria (NAN) in Nsukka on Tuesday, that the increase would generate more revenue for the government and reduce the consumption of such products.
According to him, the development will also reduce the diseases related to such products, when consumed.
“I commend the Federal Government for increasing the excise duty on alcoholic drinks and tobacco, it is a welcome development.
“This increase will not only generate more revenue for the government,it will also reduce the intake of these products that have harmful effect on the health of the people, “he said.
He also said that due to the tariff increase, producers and dealers of alcoholic drinks and cigarettes would increase their market prices.
According to him, many consumers will be forced to reduce their rate of consumption of such products because they no longer have enough money to buy them.
“If before Mr ‘A’ has been taking four bottles of beer in a day, because of the increase and its effect on his finance, he will reduce his daily consumption to two bottles.
“What government has done will go a long way to discourage people from taking these products as some may even stop buying them. This is because they can no long afford money to buy them,” he said.
The don decried the high consumption of alcoholic drinks and smoking of cigarettes in the country, especially among youths, saying that government was right in its decision on the issue.
“Some youths will tell you they are jobless, but the little that comes their way they use it to buy beer and smoke cigarettes.
“Some youths have been lured to commit one crime or the other after taking too much alcohol while others suffer serious diseases because of addiction to alcohol and cigarettes smoking.
“Generation yet unborn will remain grateful to the administration of President Mohammadu Buhari for this bold decision that will reduce alcohol intake and cigarettes smoking in this country.”
The Federal Government on March 4, approved increase on excise duty for alcoholic drinks and tobacco but said approval would to effect from June 4.(NAN)
– Mar. 13, 2018 @ 14:59 GMT |
Tags: Don applauds increase in excise duty on alcoholic drinks Tobacco
