Nigeria Raises Excise Duty on Beer, Stout and Other Alcoholic Beverages

The federal government of Nigeria has announced an 87.50% increase in the excise duty rate on beer and stout, which will go up to N75 per litre in 2023, from N40 per litre in 2022.

The new policy also includes an ad valorem rate of 20% on the products, charged based on the estimated value of the goods being taxed.

These revisions are part of the new fiscal policy measures approved by President Muhammadu Buhari, which also includes revised excise duty rates, supplementary protection measures and green taxes.

In addition to increasing taxes on beer and stout, the rates for wines and spirits were also revised upwards. The new rates will take effect from June 1, 2023, and will be revised upwardly by June 1, 2024.