Tinubu’s VAT Increase: Blazing Inferno Set To Consume Nigerians – Atiku

Former Vice President Atiku Abubakar has said that the announced increase in Value Added Tax (VAT) from 7.5 to 10 per cent, is set to become the blazing inferno that will consume the very essence of the Nigerian people.

He said that President Bola Ahmed Tinubu’s actions reflected a profound insensitivity to the plight of the less fortunate as he indulged in the opulent renovation of villas and the acquisition of new jets and vehicles for himself and his family.

Atiku stressed that 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, adding that 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 presidential candidate of the Peoples Democratic Party (PDP) in the 2023 elections, noted that the VAT increase coming at the same time with the Nigerian National Petroleum Company Limited, (NNPC Ltd), astronomical increase in the pump price of Premium Motor Spirit (PMS), from about N665 to over N850 per litre clearly made the policies of President Bola Ahmed Tinubu-led government a blazing inferno that would consume Nigerians.

Atiku in a post on his X handle on Sunday, September 8, 2024, said the move by the government unveiled a new era of regressive and punitive policies, stressing that the impact is destined to deepen and worsen the domestic cost-of-living crisis and exacerbate Nigeria’s already fragile economic growth.

In the words of Atiku; “The increase in VAT is set to become the blazing inferno that will consume the very essence of our people.

“President Bola Tinubu, alongside his coterie of advisers, has resolved to raise the VAT rate from 7.5% to 10%, 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!

“The manufacturing sector, in particular, has endured relentless strife since Tinubu’s ascendancy, with its contribution to the GDP diminishing by over 20% since December 2023, as reported by the NBS.

“In early August, Tinubu turned his attention to agriculture. As is customary with this administration, a new policy was clandestinely formulated and announced, permitting duty-free importation of agricultural commodities such as wheat, maize, and paddy, despite vehement opposition from farmer groups nationwide.

“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 jeopardizes job creation, wealth generation, and the sector’s long-term prosperity, casting a shadow over Nigeria’s sustainability and development,” he said.

Atiku therefore advised President 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.