The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said the Nigerian Government is considering placing excise duties on carbonated drinks, in order to boost its revenue base.
Ahmed disclosed this on Thursday, October 17, 2019, while speaking at the sidelines of the World Bank/International Monetary Fund meetings currently holding in Washington DC, United States.
The Finance minister stated that Value Added Tax (VAT) increase had been proposed, adding that other streams of revenue such as excise duties on carbonated drinks are being introduced.
“In expanding the revenue base, we have proposed the increase of VAT but there are also other revenue streams that we are looking at and some of them include the introduction of excise duties on carbonated drinks but there is a process to doing these things.
“The fact that our revenue is under-performing is not an excuse to bring down our revenue that is required to fund the national budget.
“In 2018, our revenue performed at a level of 58 per cent. Half-year 2019, our performance moved up slightly to 58 per cent. But that is not an excuse to reduce revenue. Because it means we are all sanctioning under-performance”, she said.