Former Nigerian Vice President Atiku Abubakar has sharply criticized President Bola Tinubu’s decision to raise the Value Added Tax (VAT) rate and the increase in the price of Premium Motor Spirit (PMS) at the pump by the Nigerian National Petroleum Corporation Limited (NNPCL), warning that these measures will exacerbate the country’s economic woes.
Atiku expressed his concerns on his X handle, stating, “The increase in VAT is set to become the blazing inferno that will consume the very essence of our people.” He highlighted that Tinubu’s move to raise the VAT rate from 7.5% to 10%, coupled with the surge in PMS prices, signals the onset of regressive and punitive policies, which will deepen the cost-of-living crisis and strain Nigeria’s 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,” Atiku continued, criticizing Tinubu’s perceived insensitivity to the plight of the less fortunate amid reports of luxurious renovations and acquisitions for personal use.
Atiku warned that Tinubu’s policies are undermining Nigeria’s economic stability, with rising taxes and interest rates crippling businesses, leading to job losses and heightened poverty. He cited data from the National Bureau of Statistics showing that the manufacturing sector’s contribution to GDP has dropped by over 20% since December 2023.
Atiku also took issue with Tinubu’s recent agricultural policy, which allows duty-free importation of commodities like wheat, maize, and paddy, a move opposed by local farmers. He argued that this policy undermines Nigeria’s food security, discourages local production, and threatens long-term prosperity in the sector.
He concluded by urging President Tinubu and his advisers to focus on crafting sustainable solutions to the economy’s systemic challenges instead of exacerbating the crisis with measures that risk igniting further turmoil.
