The Centre for the Promotion of Private Enterprise (CPPE) has called on the House of Representatives to reject the Sugar-Sweetened Beverage Tax Bill as it would worsen cost pressures for manufacturers already battling high energy costs, interest rates, and weak consumer demand.
The chief executive officer of CPPE, Muda Yusuf said the bill is ‘ill-timed’ and inconsistent with government’s commitment to ease the cost of doing business.
According to him, the Centre is shocked and deeply concerned that the Senate has proceeded with the passage of the Sugar-Sweetened Beverage Tax Bill despite overwhelming objections from private sector stakeholders, led by the Manufacturers Association of Nigeria (MAN).
With the food and beverage sector a major driver of industrial output and employment, Yusuf argued an additional excise tax would raise production costs, increase prices, and threaten jobs across agriculture, packaging, logistics, and retail value chains.
