Former Vice President Atiku Abubakar expressed strong opposition to the federal government’s plan to increase the Value Added Tax (VAT) rate from 7.5% to 10%. Atiku warned that this move would exacerbate Nigeria’s already dire economic situation, deepen the cost-of-living crisis, hurt businesses, and disproportionately impact the poor.
Atiku described the proposed VAT increase as a “blazing inferno” that could further destabilize Nigeria’s fragile economy. It must be noted that this proposal coincides with the Nigerian National Petroleum Corporation Limited (NNPCL) announcement of higher prices for petrol at the pumps, hence there shall be devastating effects on Nigeria.
The former Vice President accused the current administration of “being profoundly insensitive” to the plight of ordinary Nigerians, while living in undue luxuries and adding additional burdens on them.
He also criticized the recent policy by the government prohibiting the importation of agricultural commodities at custom’s duty-free, thereby undermining local farmers and threatening food security in Nigeria.
