The proposed finance bill for the fiscal year 2023 should not be used to increase government funding; rather, it should be used to improve Nigerians’ health and the manufacturing industry.
Stakeholders in the industry, who were increasingly arguing against the proposed increase in taxes on manufactured goods and services, held this viewpoint.
The World Bank Group gave a speech yesterday at the Finance Bill 2022 stakeholders’ session expressing its support for the proposed law and pointing out that pro-health taxes must be recognized.
The exercise’s modern function is to internalize “harm goods”‘ negative externalities. It emphasized that the best course of action is to increase excise taxes, which would result in higher prices for goods that are harmful to human health.
In an interview with TheGuardian, Dr. Sani Aliyu, a hospital physician who was also the former Coordinator of the Presidential task force on COVID-19, observed that the proposed tax on sugar and sweetened beverages in Nigeria is a welcome development.
There are three main reasons why this is the right thing to do. The principal reason is that worldwide, we are confronted with a plague of non-transferable illnesses like diabetes, hypertension, strokes and stoutness. He stated, “All of these are predisposed to cancer.”
they use to work toward self-sustenance.
