According to research, Federal Government intends to generate N250.09bn from excise duty in 2023. This was stated in the budgetary framework paper for 2023 that was able to access.
The paper states that the Federal Government intends to collect N98.53 billion from excise taxes in 2021 and N161.7 billion in 2022.
This demonstrates that the government’s aim for excise tax income increased by 153.82 percent over two years and by 54.66 percent over a single year.
The Federal Government intends to increase sin taxes and reduce tax advantages in 2023 under the planned 2022 Finance Bill, This was revealed in November 2022.
Experts and organizations, however, have opposed the government’s plan to increase excise taxes.
Recently, the Centre for the Promotion of Private Businesses recently said the imposition of excise duty on all services will affect the business community negatively.