Excise duty is a form of tax imposed on production, licensing and sale of goods.
Minister of Finance, Budget and National Planning, Zainab Ahmed, had made the disclosure on Wednesday, during the public presentation of the 2022 Appropriation Act in Abuja.
She noted that the new policy is contained in the Finance Act signed into law by President Muhammadu Buhari on December 31, 2021.
In a statement signed by YYSA National President, Olalekan Hammed, and National Secretary, Olawale Ajao, the group regretted that the move is coming at a time Nigerians are “kicking against fuel subsidy removal”. It described the tax as “an act of wickedness”, which can worsen depression among citizens.
The group said the action could compound the suffering of poverty-stricken citizens in 2022.
It said: “Recently, the Federal Government made it known that by February, this year, the subsidy will be removed on Premium Motor Spirit. Also, Minister of Finance, Zainab Ahmad, hinted at the possibility of downsizing in the Federal Civil Service.
“It is pertinent to let the Federal Government know there are various ways to restrict beverage companies from producing extremely sugary drinks capable of causing diabetes and other diseases, instead of unleashing continuous anguish on Nigerians.
“Regulatory agencies, like National Agency for Food and Drug Administration and Control and others, can easily do that, as a matter of policy. It is ruthless to introduce any anti-masses policy at this time.”
