Expert Calls for Downward Review of Excise Duty Tariff   

By Raheem Akingbolu

The Managing Director of Intercontinental Distillers Limited Chief, Patrick Anegbe, has appealed to the federal government to review downward, the over 500 per cent increase in excise duty on alcoholic beverages as being contemplated.

He made this appeal during the Intercontinental Distillers Limited Distributors’ Award held at Abeokuta recently.

He said an astronomical increase in excise duty if not reversed, would make products too expensive and thus cause consequent drop in sales. 

He added that the development could force many players in the wines and spirit industry out of business, leading to loss of jobs for many Nigerians.

He disclosed that manufacturers in wines and spirit industry were already battling with declining volumes and margins arising out of inflationary trends in the recent past.

He also lamented the activities of adulterators of products and pointed out that their activities were injurious to unsuspecting consumers.

He lauded efforts of government agencies such as the National Agency for Food, Drugs, Administration and Control (NAFDAC) and the Consumer Protection Council (CPC), in fighting the menace.

The Distributors’ Awards saw Mr Solomon Umerah of Divine Chinoz, Aba emerging as the overall winner.

The Head of Sales IDL, Mr Hope Gbagi said the company’s generosity cost over N300 million as distributors went home with cash sums and other prizes.

He added that the company would always support the businesses of its distributors.