In a scathing critique, former Vice President Atiku Abubakar has lambasted the Federal Government’s plan to increase Value Added Tax (VAT) from 7.5% to 10%, warning that it would exacerbate Nigeria’s already fragile economic growth and deepen the domestic cost-of-living crisis.
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Atiku, in a statement on Sunday, described the move as “a blazing inferno that will consume the very essence of our people.” He noted that the policy, coming on the heels of the recent increase in the pump price of Premium Motor Spirit (PMS) by the Nigerian National Petroleum Corporation Limited (NNPCL), would have devastating consequences for 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. “President Tinubu and his entourage seem to be resorting to their familiar tactic: heaping burdens upon the impoverished while steadfastly ignoring their extravagant excesses!”
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Atiku also criticized the government’s decision to permit duty-free importation of agricultural commodities, saying it poses a grave threat to Nigeria’s food security ambitions and would lead to job losses and suffering for local farmers.
The former VP warned that 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.
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