Former Vice President Atiku Abubakar has strongly criticized the federal government’s plan to increase Value Added Tax (VAT) from 7.5% to 10%, stating that it will exacerbate the already dire cost-of-living crisis in Nigeria.
In a statement, Atiku described the policy as a “blazing inferno” that will have devastating consequences for the Nigerian people.
Atiku also expressed his disapproval of the recent increase in fuel prices, announced by the Nigerian National Petroleum Corporation Limited (NNPCL). He argued that these policies will deepen the economic hardship faced by Nigerians, particularly the poor and vulnerable.
The former Vice President accused President Bola Tinubu and his administration of being insensitive to the plight of the less fortunate, while indulging in extravagant spending on themselves. He highlighted the negative impact of the government’s policies on businesses, job creation, and the overall economy.
Atiku specifically mentioned the manufacturing sector, which has suffered significantly since President Tinubu’s ascendancy, with its contribution to the GDP decreasing by over 20% since December 2023.
He also criticized the recent policy allowing duty-free importation of agricultural commodities, which he believes will threaten Nigeria’s food security and harm local farmers.
Atiku urged President Tinubu and his advisers to focus on finding sustainable solutions to the country’s economic challenges, rather than implementing policies that will worsen the crisis.
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