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BUSINESS & ECONOMY

Nigerians to pay more for drinks in 2022 as the Federal Government Plans possible increase on tax for Carbonated drinks

The FG is also set to sanction government-owned enterprises that fail to meet their revenue-generation targets.⁣
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In 2022, Nigerians will be paying more for beverages as the Federal Government announced a possible increase in the taxation on carbonated drinks.⁣
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The Minister of Finance, Budget and National Planning, Zainab Ahmed made this known during the Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill in Abuja on Friday, October 8, 2021.⁣
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She said, “To further enhance independent revenue generation, government aims to optimise the operational efficiencies and revenue generation focus of the government-owned enterprises.⁣
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“The introduction of new and further increases in existing pro-health taxes for example exercise duties on carbonated drinks- this is work in progress but it will happen in the 2021 Finance Act.”⁣
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The minister also said that the performance and remittances of government-owned enterprises would be enhanced through effective implementation of the performance Management Framework.⁣
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She added that government-owned enterprises that fail to meet the set target in achieving the government’s revenue generation drive would be sanctioned.⁣

 

SOURCE; https://www.instagram.com/p/CUzwuUmsw7w/

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