BEARS: Senate U-turn @Alcohol, Tobacco

The Senate this week asked the Federal Government to immediately suspend the implementation of the increased excise duty on beverages and tobacco pending further consultation.

Adopting the report of its Finance Committee, the upper chamber of the National Assembly said more discussions with stakeholders on the tariff regime would pave way for consensus.

It also asked government to sensitize producers and consumers of alcoholic and tobacco products with a view to understanding the rationale behind the move.

In June this year, the Federal Government had raised excise duty on alcoholic beverages and tobacco. Although President Muhammadu Buhari had approved the amendment to the rates in March, implementation of the upward review, however, took effect from June 4.