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Manufacturers Association of Nigeria, MAN, has faulted the introduction of tax on soft drinks by President Muhammadu Buhari’s administration.
The Association’s Director General, Segun Ajayi-Kadir, noted that excise duty will lead to 0.43 per cent contraction in output and 40 per cent drop on industry revenues in the next five years.
Ajayi-Kadir, warned of the effect the tax on the masses, amid the unpleasant impact on employment, adding that the sector boasts of 22.5 per cent of manufacturing and generated more than 1.5million jobs.
Recall that the Minister of Finance, Zainab Ahmed announced the imposition of N10 per liter on all non-alcoholic, carbonated and sweetened beverages.
