NewStats: 3,262,147 , 8,176,199 topics. Date: Saturday, 31 May 2025 at 11:02 PM 2n326c

The Federal Government of Nigeria has introduced new Fiscal Policy Measures (FPM) for 2023 via a Circular dated 20 April 2023 signed by the Minister of Finance, Budget and National Planning. Below are some of the highlights:

1. Supplementary Protection Measures (SPM) – this relates to the implementation of the ECOWAS Common External Tariff 2022-2026. The changes are effective from 1 May 2023 subject to 90-days grace period for importers who had opened Form M before 1 May 2023. Items on the list include rice, woven fabrics, ceramics tiles and sinks, steel, containers for compressed or liquified gas, aluminum cans, washing machines, electric generating sets and rotary converters, smart phones, new and used enger motor vehicles and electricity meters. The applicable duties for most of the items are unchanged from the 2022 FPM rates.

2. Revised Excise Duty Rates - additional excise taxes ranging from 20% to 100% increases on previously approved rates for alcoholic beverages, tobacco, wines and spirits have been introduced effective from 1 June 2023. These are further increases over and above the 2022 FPM’s approved Roap for 2022-2024 in the form of new and higher advalorem excise duties and specific rates. The excise duty rate on non-alcoholic beverages is however retained at the rate of N10 per litre.

3. Green Taxes - introduction of a Green Tax by way of excise duty on Single Use Plastics (SUPs) including plastic containers, films and bags at the rate of 10%. Also, an Import Adjustment Tax (IAT) levy has been introduced on motor vehicles of 2000 cc to 3999 cc at 2% while 4000 cc and above will be taxed at 4%. Vehicles below 2000 cc, mass transit buses, electric vehicles, and locally manufactured vehicles are exempted. The new rules take effect from 1 June 2023.

4. Telecommunication Tax – the 2023 FPM confirms the excise duty on telecommunication services earlier introduced via the Finance Act 2020 and prescribed in the Official Gazette No. 88, Vol. 109 of 11 May 2022 approved by the President. The tax is applicable on mobile telephone services (GSM), fixed telephone and internet services, both postpaid and prepaid at the rate of 5%.

Key issues and matters arising:

1. Legality – It should be noted that the Green Taxes are not ed by a specific enactment to provide the legal framework or delegated authority for the imposition of the tax as is the case for beverages and telecommunication services for instance.

2. Policy inconsistency - The additional excise taxes represent further increases over and above the previously approved rates per the 2022-2024 Roap approved via the 2022 FPM. It is policy inconsistency to approve tax rates for a period and then change the rules midway into the implementation without any compelling reasons or appropriate engagement with the affected industries especially at a time they have suffered significant sales decline due to the recent naira scarcity. What the industry needs from the government at this time is enabling policies, not additional tax burden.

3. Impact assessment – There is no information to suggest that a proper impact assessment was carried out to determine the impact of the new taxes on affected stakeholders across the value chain.

4. Stakeholder engagement – contrary to the requirements of the Approved 2017 National Tax Policy, there was no engagement with critical stakeholders especially the industries that are directly affected by the changes.

5. Commencement and transition arrangements – The 2023 FPM was yet to be published in the Official Gazette as at the time it was released. Section 13 of the Customs, Excise Tariff Act provides that an Order made under the law shall have effect from the date of its publication in the Gazette. Besides, the National Tax Policy requires a minimum of 90 days before the implementation of tax changes.

6. Utilisation of funds – The design of the Green Taxes and how the revenue generated will be utilised to fund CO2 net-zero initiatives appear hazy.

7. Compliance requirements – It is unclear how some of the new taxes will be istered such as the tax base for the Green Taxes, frequency of payment, compliance timelines, penalties, and detailed regulations to guide the istration of the tax.

To avoid the potential negative consequences of the new changes on the people, struggling businesses and the fragile economy, the 2023 FPM should be suspended and revisited.

https://twitter.com/taiwoyedele/status/1652296497445085184?t=I0CM-7Iz90qYUjqxu1ByoQ&s=08

The most useless president in Nigerian history,e nor go better for buhari, tinubu, emefiele and inec chairman they fainted Nigeria and about to murder Nigerians by ing it to tinubu...

He won't be the one to ensure the implementation. Most of his policies that are unbearable would be done away with

FELLOW NIGERIANS.

Get ready to pay humongous tax under Tinubu.
He already said it duringtown hall differentfrom balablu.
I give you 3 years una go groan tire.

Does Tinubu know the meaning of per capita income?

baba one chance

Honestly I don't have any input. Thank you all, if you need this space to , do let me know.

Add the below:
1. Insecurity
3. Unimaginable corruption
3. All time high inflation
4. Flagrant disregard for the courts as well as constitution
🤠🤠🤠🤠🤠

Tinubu needs to poach Taiwo Oyedele into his cabinet. Up PWC

FunkyJustice:
Does Tinubu know the meaning of per capita income?

i was an obidient. But Tinubu was a former treasurer of mobil. And a chartered ant in the usa. Common

What a parting gift. They will most likely be challenged in Court.

I wonder if posterity will be kind to Bihari and the APC…


I just wonder

He no see country secure buh he dey Tax dem more..

No be only parting gift. chai this man done see us finish. Apc is a party of clowns

FunkyJustice:
Does Tinubu know the meaning of per capita income?

Dumb!

Apc ers will be exempted from the tax increase. Sai baba

Igor33:
The most useless president in Nigerian history,e nor go better for buhari, tinubu, emefiele and inec chairman they fainted Nigeria and about to murder Nigerians by ing it to tinubu...

It have not gotten to tinubu yet.. dat will not happen

FunkyJustice:
Does Tinubu know the meaning of per capita income?

Emilokan Tinubu is a Certified Chartered ant. What is your own biological father?

xpressionx:
FELLOW NIGERIANS.

Get ready to pay humongous tax under Tinubu.
He already said it duringtown hall differentfrom balablu.
I give you 3 years una go groan tire.

He wunt smell dat office as long as the Lord lives

Igor33:
The most useless president in Nigerian history,e nor go better for buhari, tinubu, emefiele and inec chairman they fainted Nigeria and about to murder Nigerians by ing it to tinubu...

Check your blood pressure. It seems you may slump and quench any time soon.

However, Buhari is a cow.

ednut1:
i was an obidient. But Tinubu was a former treasurer of mobil. And a chartered ant in the usa. Common

I get am before no be property.

Tinubu said 'na statistics we go chop'. An ant that says statistics are useless means his knowledge don wear off.

Buhari was a scam, fraud, catastrophe and disaster no nation should deserve given his antecedents as military head of state, but some wicked souls went to resurrect and forced him on an already beleaguered nation.

Its a lie ...he exempted all APC and agberos ....thank God say no be only Igbo man dey sweat for hot sun.... ......me I have stopped giving people money o, as long as I know you are a er of evil you must dwell and enjoy the profits....spits

Hmmmmm na waooooo. These people want shut down dis county..

ednut1:
i was an obidient. But Tinubu was a former treasurer of mobil. And a chartered ant in the usa. Common

How much has he given on how Lagos fund is being spent ? Chartered ant with no classmates

Oga , DONT be senselessly OBIdient
Kemi Adeosun was also from the Uk , Yakubu is a professor and so what ?

lildush:


He wunt smell dat office as long as the Lord lives

May 29 is just a month from now and before then alot of things will happen but keep it at the back of your mind that if Tinubu is sworn-in on that day you serve a dead Lord.

Printerscanner:


Check your blood pressure. It seems you may slump and quench any time soon.

However, Buhari is a cow.

why will you quench?

ednut1:
i was an obidient. But Tinubu was a former treasurer of mobil. And a chartered ant in the usa. Common

and he still deals on drugs?common