Former Vice President Atiku Abubakar has sharply criticized President Bola Tinubu’s proposed plan to increase Value Added Tax (VAT) from 7.5% to 10%, describing it as a move that will plunge Nigerians into further economic hardship.
Mr. Atiku condemned the timing of the policy, noting that it comes on the heels of the Nigerian National Petroleum Company Limited (NNPCL) announcing yet another fuel price hike.
He argued that these regressive measures will further erode the standard of living in Nigeria, a country already grappling with inflation and stagnant economic growth.
In a fiery statement, the former vice president accused President Tinubu of insensitivity to the plight of ordinary Nigerians, while indulging in personal luxuries such as the renovation of presidential villas and the procurement of new jets for his family. Atiku said, “Tinubu’s actions reflect a profound insensitivity to the suffering of the masses.”
The effects of the VAT increase, coupled with rising interest rates and other financial burdens, have already crippled businesses across Nigeria, leading to job losses and reduced manufacturing output. According to the National Bureau of Statistics (NBS), the manufacturing sector’s contribution to GDP has decreased by over 20% since December 2023.
Atiku also criticized the Tinubu administration’s recent agricultural policy, which allows duty-free importation of agricultural products like wheat and maize. He noted that this move, opposed by local farmers, undermines Nigeria’s food security and will harm domestic production by subjecting local farmers to unfair competition.
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Atiku called on President Tinubu to seek out sustainable solutions to the economic crisis rather than deepening the pain of Nigerians through policies that, according to him, will only exacerbate the situation.
“The increase in VAT will be the blazing inferno that will consume the very essence of our people,” he concluded.
