FG: New Excise Duty Rates Not Targeted at Local Manufacturers Ndubuisi Francis in Abuja The federal government has stated that the new excise duty rates which came into effect on June 4 were not targeted at the local manufacturers. The Ministry of Finance said in a statement by its
Director (Information), Mr. Hassan Dodo, yesterday that its attention had been drawn to claims that the new excise duty rates approved by President Muhammadu Buhari on alcoholic beverages and tobacco were targeted at local manufacturers.
The new excise regime seeks to achieve a dual benefit of raising the government’s revenues to support the nation’s growth and reducing the health hazards associated with tobacco-related diseases and alcohol abuse. The government said
contrary to claims that the rates were selectively imposed on local manufacturers, there is currently a 60 per cent duty rate imposed on imported alcoholic beverages and tobacco as part of measures to encourage local production and protect local
manufacturing industry. It stated, "It should also be noted that beer and stout are currently under import prohibition to protect the industry from unfair competition from foreign brands. "In addition, other locally-
excisable products such as nonalcoholic beverages, cosmetics, perfumes, corrugated papers or paper boards and cartons have no excise duties. "We wish to clarify that the approved excise duty rates Continued on page 12
Middle Belt, Southern Leaders Urge Buhari to Remove INEC Chairman… Page 10 Monday 11 June, 2018 Vol 23. No 8453. Price: N250
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Enlist Abiola as Former Head of State, Carrington Tells Buhari Oshiomhole: June 12 more important than May 29 Onyebuchi Ezigbo in Abuja and Bayo Akinloye in Lagos A former United States of America Ambassador to Nigeria, Walter Carrington, has called on the President Muhammadu Buhari administration to immediately
include the name of the presumed winner of the June 12, 1993 presidential election, Moshood Abiola, among the list of Nigeria’s heads of state. He made this call on Sunday evening following THISDAY’s inquiry as regards how he viewed the federal
government's honouring of the late Abiola with the country’s highest national award, GCFR. Carrington said: “From this day forward any listing of Nigeria’s Heads of State must include the name of Moshood Abiola, because on June 12, 1993 he clearly
and decisively won what was then universally hailed as the freest and fairest election in the country’s history. On that day when Abiola swept even the home district of his opponent (Bashir Tofa, who had expressed his reservations about the award bestowed
on Abiola), Nigeria was more united ethnically, religiously and regionally than it had ever been before or has been since.” The former US envoy, who was involved in the struggle to help Abiola realise his mandate and get him released from prison under the regime
of Gen. Sani Abacha, accused the military leaders of that time of masterminding the cancellation of the presidential poll results. “But then, before the results were officially announced, Continued on page 12
External Reserves Down to $47.42bn as Foreign Portfolio Investors Anticipate US Rate Hike Sovereign wealth assets up by 27 per cent to N534bn NSIA to unveil new funding plans for 2nd Niger Bridge, others Obinna Chima in Lagos and Ndubuisi Francis in Abuja Nigeria’s external reserves has maintained a sustained decline, albeit marginally in the past three weeks as foreign portfolio investors (FPI) continue to weigh the possibility that the United States Federal Reserve will raise interest rate at its meeting which holds this week. A hike in US interest rate would mean an increased return for FPIs who may also be concerned about political risk in Nigeria. Nigeria’s external reserves which hit a five-year high in
the first quarter of 2018, fell by a total of $329 million, to $47.425 billion as of June 7, compared with the $47.754 billion it attained on May 21. However, the movement of the reserves which are derived majorly from the proceeds of crude oil earnings, showed a continuous decline. But it is not all gloom as the total assets of the Nigerian Sovereign Wealth Fund (NSIA) grew by 27 per cent to stand at N533.88 billion in 2017 compared to the N420.93 billion in the corresponding period of 2016, Continued on page 10
ROYAL RIDE... President Muhammadu Buhari and King Mohammed VI in a motorcade during a reception for the president in Morocco… yesterday