Minister of Finance, Kemi Adeosun has said the Federal Government is working towards increasing excise tax on tobacco and alcohol.
Adeosun said this while speaking at the ECOWAS financial council of ministers in Abuja on Friday.
What she said:
“Federal government identified with the ECOWAS position on excise tax on some products,” Adeosun said.
“One of the techniques used by governments all over the world is to tax products that are either consumed particularly when you want to do progressive taxation, or products that are hazardous to health and increase health spending.
“It is a twin objective; to raise revenue and decrease tobacco consumption. In this regard, the use of modern techniques and tools of production controls such as tax stamps or special package markings in the context of the track-and-trace system, which is a global best practice, are being considered.
“The harmonisation of laws establishing a system for tracing, tracking and tax verification of manufactured or imported tobacco products in ECOWAS member states is a welcome development for Nigeria.”