Adadareporters
Former Vice-President Atiku Abubakar has cautioned President Bola Tinubu against increasing Value Added Tax, VAT. Atiku said such increase might ignite fire that would consume Nigerians.
The former VP stated this on Sunday in a statement. He opined that the economic policies of Tinubu had been impoverishing the people, adding that the president and his advisers were destroying businesses instead of creating them.
He said, “Increase in VAT is set to become the blazing inferno that will consume the very essence of our people. Tinubu, alongside his coterie of advisers, has resolved to raise the VAT rate from 7.5% to 10% which will unveil a new era of regressive and punitive policies. It is destined to deepen the domestic cost-of-living crisis and exacerbate Nigeria’s already fragile economic growth.”
He added, “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.
“One need not 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.
“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.”
