Former Nigeria’s Vice President and the flag bearer of People’s Democratic Party in 2023 General Election, Atiku Abubakar, has faulted the plans by the Federal Government to increase the Value Added Tax (VAT).
Atiku, who spoke via his verified X handle on Sunday, said the policy would heighten the domestic cost-of-living and worsen Nigeria’s already delicate economic growth.
According to him, the action could become a “blazing inferno that will consume the very essence of our people.”
He noted that after the increase in the pump price of Premium Motor Spirit (PMS), also known as fuel, by the Nigerian National Petroleum Corporation Limited (NNPCL), the VAT is “destined to deepen the domestic cost-of-living crisis and exacerbate Nigeria’s already fragile economic growth.”
He said, “The increase in VAT is set to become the blazing inferno that will consume the very essence of our people…
“Tinubu’s actions reflect a profound insensitivity to the plight of the less fortunate as he indulges in the opulent renovation of villas and the acquisition of new jets and vehicles for himself and his family.
“President Bola Tinubu, alongside his coterie of advisers, has resolved to raise the VAT rate from 7.5 per cent to 10 per cent, even as the NNPCL has announced a soaring PMS price increase at the pump.
“This move unveils a new era of regressive and punitive policies, and its impact is destined to deepen the domestic cost-of-living crisis and exacerbate Nigeria’s already fragile economic growth.
“President Tinubu and his entourage seem to be resorting to their familiar tactic: heaping burdens upon the impoverished while steadfastly ignoring their extravagant excesses!
“One does not need to be an economist to grasp the ominous implications of President Tinubu’s ill-conceived policies for Nigeria’s future.
“The relentless rise in taxes and interest rates has proven excessively onerous, debilitating businesses of all sizes and leading to job losses while intensifying the suffering of the poor.”
Similarly, he said the manufacturing sector, in particular, has endured relentless strife since Tinubu’s ascendancy, with its contribution to GDP diminishing