Alcohol and Cigarette are to cost more, as a new excise duty for Alcoholic Beverages and Tobacco approved by President Buhari, takes effect from Monday.
Finance Minister, Mrs Kemi Adeosun, said the new excise duty rates will spread over a three-year period from 2018 to 2020, to moderate the impact on prices of the products.
Under the new rates for tobacco, in addition to the 20 percent ad-valorem rate, each stick of cigarette will attract n1 specific rate per stick; that is N20 per pack of 20 sticks in 2018.
In 2019, tobacco will attract N2 specific rate per stick or n40 per pack of 20 sticks, and n2.90 kobo specific rate per stick or n58 per pack of 20 sticks by 2020.
The minister said, the new specific excise duty rate for alcoholic beverages cut across beer and stout, as well as, wines and spirits for the three years, 2018 to 2020.
Under the new regime, beer and stout will attract 30k per centilitre in 2018 and 35k per centilitre each in 2019 and 2020.
Wines will attract N1.25k per centilitre in 2018 and N1.50k per centilitre each in 2019 and 2020, while N1.50k per centilitre was approved for spirits in 2018, N1.75k per cl in 2019, and N2 per centilitre in 2020.