Excise On Carbonated Drinks To Significantly Increase Revenue – Customs - DAILY TRUST
By Balarabe Alkassim
The Nigeria Customs Service (NCS) has said the remittance of excise on carbonated drinks is expected to increase its revenue as they collect and remit the proceeds to the federal government.
The Customs Area Controller in charge of Ikorodu Industrial Area Command, Comptroller IQ Ogbudu, disclosed this while addressing members of the House of Representatives Committee on Customs and Excise in Lagos on Thursday.
She said the command, which is already saddled with the responsibility of excise collection on alcoholic beverages, is poised to fully enforce the payment of the excise on carbonated drinks.
It could be recalled that the NCS started the collection of the excise in line with the Medium-Term Expenditure Framework (MTEF) 2022-2024 and the Finance Act.
Ogbudu told the Committee that they are closely monitoring the companies and had been vigilant to ensure that they are paying what is due to the government which enabled the command to be meeting its target of over a billion naira.
She said: “From January to June 2022, the command was also able to generate N7,918,887,441.90 as against N6,798,522,256.07 generated in 2021 which has a 16.47% increase in revenue despite the gradual ease from COVID-19 pandemic and the resultant effect from the manufacturing sector and indeed the global economic challenges.”