The National Bureau of Statistics (NBS) recently released data about Nigeria’s inflation level and worsening poverty, confirming the warning from the Bretton Woods Institutions about the country’s inflation problem, citing it as a key driver for the rising number of poor people in the country.
The painful rise in prices of virtually all commodities, including mainstays like food and oil, is both an economic and political problem. While the Nigerian monetary authority appears to have been overwhelmed by several interventions to the economy.
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Amarachi Orjiude and Sami Olatunji, Abuja
Published 25 June 2021
Amarachi Orjiude and Sami Olatunji, Abuja
Published 25 June 2021
The World Bank has said Nigeria can generate N600bn annually by increasing the excise duties on tobacco and alcohol as recommended in the National Development Update report.
A Senior Tax Specialist of the bank, Rajul Awasthi, said this on Thursday at a virtual discussion on domestic revenue mobilisation.
According to him, Nigeria has one of the lowest excise duty rates on tobacco and alcohol in Africa, and the duty rate on cigarettes is lower than the standard set by the Economic Community of West African States.
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