The Distillers and Blenders Association of Nigeria (DIBAN) has rejected the new \u201dastronomical increase\u201d in excise duty on domestic wines and spirits.<\/p>\n
DIBAN Chairman, Chief Patrick Anegbe, told newsmen in Lagos, yesterday, that the hike is a threat to the industry\u2019s N420 billion investment.<\/p>\n
Anegbe said that there was no prior engagement\/consultation whatsoever with indigenous producers of wines and spirits before adopting the new excise method.<\/p>\n
He said the association is particularly worried that the job of over 25,000 Nigerians, plus over 250,000 connected SMEs staff, are being threatened by the hike.<\/p>\n
\u201cWe, Distillers and Blenders Association of Nigeria (DIBAN), under the auspices of the Manufacturers Association of Nigeria (MAN), reject the new astronomical hike in excise duty being selectively imposed on domestic wines and spirits, one of the oldest and driving indigenous industry in Nigeria.<\/p>\n
\u201cFor the record, the new duty approved for implementation by the Minister of Finance translates to an increase in duty from the current average of N30 per litre to N150 in the first year and N200 per litre, subsequently. This translates to an increase from current average duty of N270 to N1,350 per case (carton) in the first year and N270 to N1,800 per case from second year. This is an increase of over 500 per cent purely on local wines and spirits with the exclusion of all imported wines, spirits and champagne.<\/p>\n
\u201cWe reject in totality, the highly punitive and selective astronomical hikes in duty, a purely IMF agenda being camouflaged as a health concern!,\u201d he said.<\/p>
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