Atiku Abubakar, former Vice President of Nigeria, has warned the Federal Government on the implication of VAT and petroleum pump price increases, saying this is insensitive on the part of the government.
The former Vice President, in a statement on Sunday via his X handle, said he needn’t be an economist to understand the import of polices of the Federal Government.
Atiku tweeted, “The increase in VAT is set to become the blazing inferno that will consume the very essence of our people… 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.
“President Bola Tinubu, alongside his coterie of advisers, has resolved to raise the VAT rate from 7.5 per cent to 10 per cent, 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!
“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 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.”
“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 jeopardises job creation, wealth generation, and the sector’s long-term prosperity, casting a shadow over Nigeria’s sustainability and development.”
