Top Stories

Atiku raises the alarm over VAT increment, tackles Tinubu

Former Vice President Atiku Abubakar has raised the alarm over the plan of the Federal Government to raise the Value Added Tax (VAT) from the current rate of 7.5% to 10%.

Atiku, the 2023 presidential candidate of the Peoples Democratic Party (PDP), in a statement on Sunday, September 8, 2024, said that the “increase in VAT is set to become the blazing inferno that will consume the very essence of our people.”

According to him, 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.

He 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! 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.

VAT remains 7.5%, Finance Minister declares

“One need not 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. The manufacturing sector, in particular, has endured relentless strife since Tinubu’s ascendancy, with its contribution to the GDP diminishing by over 20% since December 2023, as reported by the NBS.

“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.

“President Tinubu and his advisers would be wise 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.”

The Star

Editor

Recent Posts

PDP: We’ll resist attempt to impose Seyi Tinubu as Lagos governor

The Lagos State chapter of the opposition Peoples Democratic Party (PDP) has vowed to stop…

1 hour ago

NDLEA arrests Chinese for cocaine dealing, seizes N4.3bn drugs at ports

The operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a Chinese man,…

2 hours ago

Businessman excretes 90 wraps of cocaine at Enugu airport

A 50-year-old businessman, Osuoha Christian Iheanacho, has excreted 90 wraps of cocaine after his arrest…

2 hours ago

PDP govs to Tinubu: Review your economic policies, Nigerians are suffering

The Peoples Democratic Party (PDP) Governors’ Forum has urged President Bola Tinubu to review his…

7 hours ago

NECO accredits foreign schools for SSCE, BECE

The National Examinations Council (NECO) has accredited additional foreign schools to write the Senior School…

7 hours ago

Guardiola suffers 5th straight defeat for first time as Spurs thrash Man City 4-0

Manchester City manager Pep Guardiola suffered a fifth straight defeat for the first time in…

18 hours ago

This website uses cookies.