Former Vice President Atiku Abubakar has said that the recent increase in Value Added Tax, VAT, is set to become the blazing inferno that will consume the very essence of Nigerian people. Atiku said that Tinubu, alongside his advisers, resolved to raise the VAT rate from 7.
5% to 10%, even when the Nigerian National Petroleum Company Limited, NNPCL, had announced a soaring PMS price increase at the pump. The Peoples Democratic Party, PDP, presidential candidate in the last election, in a post on his X handle on Sunday, said the move unveils a new era of regressive and punitive policies. According to him, the impact is destined to deepen the domestic cost-of-living crisis and exacerbate Nigeria’s already fragile economic growth.
'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.
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