Former Vice President Atiku Abubakar has criticized the federal government's proposed increase in Value Added Tax, saying it will sever citizens' livelihoods and leave them in ruins.
In a statement issued on Sunday, Atiku condemned the idea, which he opined would disastrously impact Nigerians and worsen the cost-of-living crisis.
"President Bola Tinubu, alongside his coterie of advisers, has resolved to raise the VAT rate from 7.5% to 10%, even as the NNPCL has announced a soaring PMS price increase at the pump," Atiku said.
“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,” he added."
According to the former vice president, Tinubu's lavish lifestyle, including villa renovations and the acquisition of a new jet and vehicles, demonstrates a profound disregard for the needs of the less fortunate.
Atiku stated that the unrelenting escalation of taxes and interest rates has proven to be burdensome, crippling enterprises of all kinds, resulting in job losses and exacerbating poverty.
He went on to say that President Tinubu and his advisers should focus on developing sustainable solutions to the economic shocks rather than escalating the crisis with further measures.
