Mirian Gom 
ABUJA, Nigeria – Nigerian business leaders have opposed a Senate proposal to increase excise duties, warning it could trigger price spikes and job losses in the beverage sector.
CEO of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said on Monday that new tax burdens would worsen an already challenging economic environment.
“Prices of non-alcoholic beverages have risen 200–300% due to inflation and prior excise policies,” Yusuf noted. “Introducing additional duties now threatens industrial development and jobs.”
He highlighted that small and medium-sized producers are already struggling, while rising energy costs and currency instability further strain operations. “Businesses will face a choice: raise prices or cut workforce,” he added.
CPPE also warned that higher costs would reduce household purchasing power, increase overall inflation, and disrupt supply chains. The beverage sector, employing thousands across production, logistics, and retail, is particularly vulnerable.
The Centre urges legislators to reconsider, arguing that a well-timed policy is critical to sustaining industrial growth and economic recovery.
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Oluwatobi Adu 
Korede Abdullah 
Koko Maxwella