The Minister of Finance, Budget and National Planning, Zainab Ahmed has announced a possible increase in the taxation on carbonated drinks, which would lead to a price increase.
She said 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, the 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 a work in progress but it will happen in the 2021 Finance Act. The government’s revenue performance and remittances will become enhanced through effective implementation of the Performance Management Framework including possible sanctions should there be default on targets that are set for government-owned enterprises. The Finance Bill 2021 will contain measures that will further advance the implementation of the Strategic Revenue Growth Initiative (SRGI).”