{"id":331460,"date":"2024-07-18T06:17:50","date_gmt":"2024-07-18T05:17:50","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=331460"},"modified":"2024-07-18T06:17:50","modified_gmt":"2024-07-18T05:17:50","slug":"fg-considering-temporary-suspension-of-sugar-sweetened-beverage-tax-says-wale-edun","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/07\/18\/fg-considering-temporary-suspension-of-sugar-sweetened-beverage-tax-says-wale-edun\/","title":{"rendered":"FG considering temporary suspension of sugar-sweetened beverage tax, says Wale Edun"},"content":{"rendered":"<p><strong>The minister of finance and coordinating minister of the economy, Wale Edun has disclosed that the federal\u00a0government is considering a temporary suspension of the sugar tax.<\/strong><\/p>\n<p>This was made known by Edun on Wednesday when\u00a0the National Action on Sugar Reduction (NASR), a coalition of non-governmental organisations, visited him in Abuja.<\/p>\n<p>Recall that the federal government on January 5, 2022\u00a0introduced an excise duty of N10\/litre on all non-alcoholic, carbonated, and sweetened <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/06\/19\/nafdac-confirms-ban-on-sachet-alcoholic-beverages-still-in-force\/\">beverages<\/a>.<\/p>\n<p>The tax was introduced to discourage excessive consumption of sugar beverages which contributes to diabetes, obesity and other health issues.<\/p>\n<p>Edun while speaking at the meeting said\u00a0the potential temporary suspension of the sugar tax is under a six-month economic stabilisation plan.<\/p>\n<p>\u201cThis measure aims to help beverage companies navigate the current economic difficulties without going under,\u201d he said.<\/p>\n<p>Edun said there are plans to reintroduce the tax once the economy stabilises, stressing that intervention aims to support the beverage industry \u201cduring this critical period\u201d.<\/p>\n<p>The minister said the implementation of the sugar <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/06\/14\/tax-evasion-court-discharges-binance-executives\/\">tax<\/a> would improve public health and generate additional revenue for the government.<\/p>\n<p>He agreed to the need for the presence of the tax, highlighting the dual pressures on beverage companies regarding job creation and poverty reduction, and the negative health consequences of their products.<\/p>\n<p>Edun said while job creation by these companies was a positive outcome, the consumption of SSBs carries significant public health costs.<\/p>\n<p>The minister said the government\u2019s tax revenue from SSBs must be balanced against industry needs, including pricing and the cost of living.<\/p>\n<p><span class=\"acssf62a8\">He likened the arguments against the SSB tax to those made in the past against <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/02\/06\/food-beverage-tobacco-workers-protest-in-lagos-over-ban-on-sachet-drinks\/\">tobacco<\/a> taxation, underscoring the importance of data-driven analysis in shaping public policy.<\/span><\/p>\n<p><span class=\"acssf62a8\">Edun s<\/span><span class=\"acssf62a8\">aid while the government is not in favour of companies selling unhealthy products, it recognises the need to support businesses and help people cope with the current cost of living.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWe support your need for revenue, but we must find a balance,\u201d he said.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThe increase in foreign exchange rates is being passed on to consumers.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWhile the official exchange rate was artificially pegged, products are often priced at the parallel market rate, meaning companies do not pass on the actual exchange rate to customers.\u201d<\/span><\/p>\n<p>Edun also encouraged the coalition and advocacy groups to continue providing incisive studies and robust data to strengthen the case for the sugar tax.<\/p>\n<p><span class=\"acssf62a8\">Speaking on behalf of the coalition, Bernard Enyia, co-chair of the NASR coalition, said the costs of insulin and diabetes care had doubled in the country.<\/span><\/p>\n<p><span class=\"acssf62a8\">Enyia, who is also the vice-president of the Diabetes Association of Nigeria, said the consumption of SSBs is linked to various health issues, including obesity and dental problems.<\/span><\/p>\n<p><span class=\"acssf62a8\">He said public health costs associated with these conditions are significant, impacting healthcare systems and reducing overall productivity.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The minister of finance and coordinating minister of the economy, Wale Edun has disclosed that the federal\u00a0government is considering a temporary suspension of the sugar tax. This was made known by Edun on Wednesday when\u00a0the National Action on Sugar Reduction (NASR), a coalition of non-governmental organisations, visited him in Abuja. Recall that the federal government [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":294421,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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