Nigerians are going to feel the effect of another government policy that will stretch their salaries further. Brace up for the days ahead will come with further rise in products prices.Â
Inflation is already dealing much with salary earners and this will further deepen workers’ monthly expenses.
This is one of results of the aftermaths of the Nigerian government’s decision to change the agreement on the excise duty.
The government had set a policy direction with Manufacturers Association of Nigeria, but it decided to pursue a new 2023 Fiscal Policy Measure.
Now, manufacturers, under the able leadership of its President, Francis Meshioye, have alerted Nigerians on the implication of what of the federal government is doing.
Factory Closure
Meshioye said that the increase in excise duty for beverage and tobacco goods would force businesses to scale down operations, which will result in factory closures, job losses and a decline in exports among others.
He made this known on Tuesday during a press conference held in Lagos to raise objections on the recently published 2023 Fiscal Policy Measures.
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According to him, the excise duty hike is a flagrant renege on the Federal Government’s promise to manufacturers, through the Ministry of Finance, Budget and National Planning in March.
Furthermore, he said the exponential increase in excise duty in the 2023 Fiscal Policy Measures came as a shock to the industry.
According to him, the government’s policy change is coming at a time that the manufacturers sector was immersed in unprecedented crisis and an acute recession.
The crisis was due to challenges such as prolonged scarcity of naira, limited access to foreign exchange, high inflation and a struggling economy.
But now, Nigerians will the brunt should manufacturers decide to down tools.
There will be scarcity of some goods and the price of those available will go up.
