The peoples Democratic party (PDP) presidential candidate for 2023 general election Atiku Abubakar has condemned the Tinubu government’s decision to raise the Value Added Tax (VAT) rate from 7.5% to 10%, describing it as a “blazing inferno” that will consume the essence of the Nigerian people.
According to Abubakar, this move is part of a new era of “regressive and punitive policies” that will deepen the domestic cost-of-living crisis and exacerbate Nigeria’s fragile economic growth.
He criticized President Tinubu and his advisers for putting more burden on the Nigerian heaping impoverished masses while ignoring their own opulent lifestyles.
“President Tinubu and his entourage seem to be resorting to their familiar tactic: heaping burdens upon the impoverished while steadfastly ignoring their extravagant excesses! 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 said.
The former Vice President argued that the relentless rise in taxes and interest rates has been excessively onerous, debilitating businesses and leading to job losses while intensifying the suffering of the poor.
He noted that the manufacturing sector has endured relentless strife since Tinubu’s ascendancy, with its contribution to the GDP diminishing by over 20% since December 2023.
Atiku Abubakar also slammed President Tinubu’s latest move to allow duty-free imports of agricultural products, warning that it’s a recipe for disaster for Nigeria’s food security goals and wealth generation goals.
“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 jeopardizes job creation, wealth generation, and the sector’s long-term prosperity, casting a shadow over Nigeria’s sustainability and development,” he noted.
He urged President Tinubu and his advisers 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.
