The update was revealed in a recent circular signed by the Minister of Finance, Budget, and National Planning, Zainab Ahmed which confirmed the release of the new Fiscal Policy Measures (FPM) for 2023.
Recall the FG in August last year, in a move to boost the country's revenue generation, had announced it would begin the implementation of its proposed excise duties on telecommunication services and beverages in 2023.
The Finance Minister had stated that the move became necessary as the FG was not realising enough revenue from oil hence the indeed to look towards the non-oil sector for revenue generation.