Centre for the Promotion of Private Enterprise (CPPE) don beg Senate Finance Committee make dem drop plan to increase excise duty for soft drinks, because e fit harm Nigeria fragile economy.
Dr. Muda Yusuf, CPPE Director, talk say this time wey dem wan increase tax no dey right, because manufacturers, SMEs and retailers dey struggle with inflation, high energy bills, foreign exchange wahala and low consumer demand. Him yarn say the plan “fit scatter economy, hurt people, no follow correct procedure, and no match Nigeria development and industrial goals.”
Yusuf explain say beverage industry don dey face shocks for last three years, prices don rise 200–300%, and any new tax go reduce production, cut output, make people no fit buy, and fit make many workers lose job.
The think-tank also warn say higher tax go make retail prices go up, increase cost-of-living, and threaten thousands jobs for manufacturing, logistics, retail and informal sector. E add say increase no sure say government go get more revenue, because people fit stop to buy.
CPPE also talk say the process no clear, because excise tax na Ministry of Finance matter, yet Senate Finance dey lead. Them talk say key committees like Industry, Trade and Investment, and Customs no dey fully involved, and no proper consultation or impact assessment dey.
On health matter, Yusuf say make dem no focus only on soft drinks, because sugar dey inside bread, pastries, milk drinks and other food. Him advise say better solution na education, awareness and voluntary sugar reduction, no just dey punish people with tax.
CPPE conclude say Nigeria need policies wey go support manufacturing, protect jobs and boost investment, no be wahala wey go scatter economy. Dem strongly urge say plan make dem withdraw am.
This advice match the position of Organised Private Sector of Nigeria (OPSN), wey also warn say excise hike fit shake President Bola Tinubu fiscal reform plan and destabilize tax system.
