Atiku tackles FG over hike in VAT, fuel costs
Former Vice President Atiku Abubakar has strongly criticized the federal government’s proposed plan to increase the Value Added Tax (VAT) from 7.5% to 10%, warning that the move would worsen Nigeria’s already dire cost-of-living crisis.
In a statement shared on his X handle on Sunday, Atiku described the policy as a “blazing inferno that will consume the very essence of our people.”
Related news
el-Rufai leads Ribadu, Sule Lamido others to meet former VP Atiku Abubakar
N5.4trn subsidy: Posterity’ll be unkind to you for betraying Nigerians – Atiku to NASS
PDP chieftain, Bode George tells Atiku to perish 2027 presidential ambition
Atiku specifically targeted President Bola Tinubu and his advisers, accusing them of implementing regressive and punitive economic measures.
He said, “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.”
He argued that these decisions would exacerbate the economic struggles of Nigerians.
“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,” Atiku said.
The former vice president further accused Tinubu of being out of touch with the plight of the less fortunate, stating, “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.”
He warned that the continuous rise in taxes and interest rates would harm businesses and lead to more job losses, intensifying the hardships faced by Nigerians.
“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,” he added.
Atiku also expressed concerns about the manufacturing sector, highlighting its struggles since Tinubu took office.
“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,” he stated.
He criticized a recent policy allowing the duty-free importation of agricultural commodities, warning that it would harm Nigeria’s food security.
“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,” Atiku noted.
Concluding his remarks, Atiku urged Tinubu and his advisers to focus on sustainable economic solutions rather than introducing policies that would ignite further economic turmoil.
“President Tinubu and his advisers would be wise 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.”
Atiku’s statement comes amid the Nigerian National Petroleum Corporation Limited’s recent increase in the pump price of Premium Motor Spirit (PMS), commonly known as fuel, which has further compounded the economic challenges faced by Nigerians.
__________________
We do hope that the information we were able to provide you are helpful. Checkout out other unique articles on our blog for more detailed information and do well to share with your friends and family. Follow us on our Twitter and Facebook to stay updated with premium information.
Please leave any comments or questions in the area given below.
DISCLAIMER: The views and opinions expressed in Fact Check are those of the authors and do not necessarily reflect the official policy or position of Fact Check. Any content provided by our bloggers or authors is of their opinion and is not intended to malign any religion, ethnic group, club, organization, company, individual, or anyone or anything.
Information is presented to the best of our knowledge and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability concerning the website or the information, products, services, or related graphics contained on the website for any purpose. Therefore, any reliance you place on such information is strictly at your own risk.
