The Federal Government of Nigeria (FGN) has re-introduced an ad-valorem excise structure to spirits and wines, and recalibrated the specific excise structure for levying excise duty on other tobacco-based products. FGN has also waived import duty on certain inputs used for the production of banknotes by the Nigeria Security Printing and Minting Plc.
The revisions were communicated in a circular signed by the Honourable Minister of Finance, Budget and National Planning, and dated 20 August 2020 (‘the Circular’). The revisions, which will take effect immediately and supersede the circulars of 6 March 2018 and 7 February 2019, are in accordance with the Customs, Excise Tariff, Etc. (Consolidation) Act (‘CETA’), which empower the President to impose, vary or remove any import duty or modify the schedules to CETA.
Please click here to explore our detailed newsletter on the revised excise regime and fiscal incentives introduced via the Circular.