Atiku: Tinubu’s 10% VAT Hike Burdens Nigerians While He Lives in Luxury

Former Vice President Atiku Abubakar has warned that the recent increase in Value Added Tax (VAT) is poised to severely impact Nigerians.

Atiku criticized President Tinubu and his advisers for raising the VAT rate from 7.5% to 10%, especially in light of the recent hike in petrol prices announced by the Nigerian National Petroleum Company Limited (NNPCL).

In a statement posted on his X handle, Atiku described this move as part of a troubling shift towards regressive and punitive policies, which he believes will exacerbate the domestic cost-of-living crisis and further weaken Nigeria’s fragile economic growth.

He remarked, “The VAT increase is set to become a devastating force against the very essence of our people. President Tinubu, with his advisers, has chosen to impose this tax hike even as NNPCL raises petrol prices, marking a new era of harmful policies that will deepen economic hardship.”

Atiku also accused Tinubu of showing disregard for the struggles of ordinary Nigerians while indulging in luxury. He criticized the administration’s failure to address economic challenges sustainably and warned that the rise in taxes and interest rates is harming businesses, leading to job losses and increasing poverty.

He highlighted the negative impact on the manufacturing sector, which has seen its GDP contribution fall by over 20% since December 2023. Atiku also expressed concerns over new policies affecting agriculture, which he argues threaten local farmers and Nigeria’s food security.

Atiku urged President Tinubu and his advisers to focus on creating effective solutions to address economic challenges rather than implementing measures that could further destabilize the country.