The company’s turnover pegs at N123.31 billion, which represents a decline of 10.49% from N137.77 billion reported in Q1 2022.

According to the firm, the operating environment during the period under review was very challenging for businesses.

“The impact of the cash crunch which led to a near collapse of payment channels as well as the security and safety uncertainties associated with the general elections, created disruptions in the economy.

“These were in addition to the continuing headwinds of inflationary pressure with its impact on purchasing power, input cost, and operating expenses.

“The total brewed product market suffered a double-digit (mid-twenties) volume decline versus the same period in 2022. We were able to largely mitigate the volume decline impact on our Revenue due to our appropriate pricing strategy.

“Our Operating Profit was further impacted by a one-off reorganization cost to refresh and restructure the business to cope with current challenges for a sustainable future

“The Board remains committed to creating long-term and sustainable value for our Shareholders.”

The manufacture, sale, and use of products subject to excise control, such as but not limited to beer, spirits, alcoholic drinks, tobacco, and cigarettes, are subject to an excise duty collected across the nation. ​

The Service has also stated that it will soon start collecting the new phone and data rates that Minister of Finance, Budget, and National Planning Zainab Ahmed announced.

The Federation Account received N1.3 trillion in revenue from the NCS in the form of import and excise taxes, fees, and levies.

Compared to the N1.003 trillion collected during the same period last year, this indicates an increase of N289.4 billion or a 28.83 percent growth rate.

Deputy Comptroller Timi Bomodi, the service’s national public relations officer, said this while presenting the service’s half-year report from January to June of this year.

She added that customs had started collecting from producers of carbonated and sugary drinks, which had just been added under schedule 5 of the Common External Tariff (CET).