The Federal Government is considering increasing the taxation on carbonated drinks in a move that could lead to a price increase for the commodity.
The Minister of Finance, Budget and National Planning, Zainab Ahmed announced this at the Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill on Friday in Abuja, stating that it will be part of the additions in the 2021 Finance Act which will take effect from January 2022.
She said, “To further enhance independent revenue generation, government aims to optimise the operational efficiencies and revenue generation focus of the government-owned enterprises.
“The introduction of new and further increases in existing pro-health taxes for example exercise duties on carbonated drinks- this is work in progress but it will happen in the 2021 Finance Act.”
