Index to Nigerian Newspapers

The federal government is expected to gain billions of naira with the implementation of its sugar tax, which has led to an increase in the cost of select soft drinks, carbonated drinks, and sweetened beverages, to assist the funding of its national budget. In order to raise more money, the government imposed an additional N10 excise duty tax on a litre of soft drinks this year. The government will generate about N141.250 billion yearly from the introduction of the N10 sugar tax on soft drinks and dairy goods alone. Nigerian soft drink industry revenue in 2021 was N9.992 trillion, or $24,048,550,877. By 2026, volume in the soft drinks industry is anticipated to reach 14,713.5 million liters. The soft drinks market is anticipated to have volume growth of 0.5% in 2022. The total amount of soft drinks consumed in Nigeria this year will then be 73,567,500 million liters. The 2021 Finance Act includes a provision that would increase taxes on non-alcoholic and carbonated beverages. According to Nigeria's Labour Union, this proposal will cause further hardship for the populace and result in job losses.