A FORMER Vice-President, Atiku Abubakar has described the ‘plan’ by President Bola Tinubu to increase the Value Added Tax (VAT) as an action that reflects a profound insensitivity.
Atiku, who was the candidate of the Peoples Democratic Party (PDP) in the 2023 general election, said the action is set to become a blazing inferno that will consume the very essence of the people.
In a statement he signed on his X handle on Sunday, September 8, he declared that Tinubu, alongside his advisers, has resolved to raise the VAT rate from 7.5% to 10%.
He said this is coming after 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!
“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.”
Atiku claimed that Tinubu’s economic policies have far-reaching implications for Nigeria’s future and the continuous increase in taxes and interest rates has severely impacted businesses, resulting in widespread job losses and exacerbating poverty.
According to him, the manufacturing sector has struggled since Tinubu’s inauguration, with its GDP contribution decreasing by over 20% since December 2023.
He said, according to NBS data, the administration introduced a contentious agricultural policy, allowing duty-free importation of commodities like wheat, maize, and paddy, despite strong opposition from farmer groups.
“This policy poses a grave threat to Nigeria’s food security ambitions, as local farmers, facing unfair competition from low-cost producers in Asia, Europe, and America, are compelled to reduce or entirely abandon their production efforts.
“It jeopardises job creation, wealth generation, and the sector’s long-term prosperity, casting a shadow over Nigeria’s sustainability and development,” the former VP added.
He urged Tinubu and his advisers to redirect their efforts towards crafting sustainable solutions to the systemic shocks afflicting the economy rather than compounding the crisis with measures destined to ignite further turmoil.
The ICIR made unsuccessful efforts to obtain clarification from the government on this.
Multiple calls, text messages, and WhatsApp messages were sent to Bayo Onanuga, the special adviser on information and strategy to the president, seeking reaction but he failed to respond.
A reporter with the ICIR
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