Former Vice President Atiku Abubakar has condemned the recent Value Added Tax (VAT) increase from 7.5% to 10%, describing it as a devastating blow to Nigeria’s economy and the livelihoods of its citizens
Atiku, the Peoples Democratic Party (PDP) presidential candidate in the last election, criticized President Bola Tinubu’s administration for the decision, especially in the wake of the Nigerian National Petroleum Company Limited (NNPCL) announcing a significant increase in petrol prices.
He expressed concerns that these actions would exacerbate the cost-of-living crisis and further strain Nigeria’s fragile economic growth.
Atiku warned that the VAT hike would place an excessive burden on the already struggling populace, labeling the move as part of a series of “regressive and punitive policies.”
He accused President Tinubu and his advisers of being insensitive to the plight of the less fortunate, citing their indulgence in luxury while the masses suffer.
Atiku pointed to the manufacturing sector’s decline since Tinubu assumed office, with its contribution to GDP shrinking by over 20% since December 2023, according to the National Bureau of Statistics (NBS).
In addition to tax increases, Atiku highlighted concerns over the administration’s agricultural policies, specifically the decision to allow duty-free importation of agricultural commodities, which he argues will harm local farmers and undermine Nigeria’s food security.
He urged the government to focus on sustainable economic solutions rather than policies that aggravate the ongoing economic crisis.
The Sun