From Ndubuisi Orji, Abuja
Former vice president and 2023 presidential candidate of the peoples Democratic Party (PDP), Atiku Abubakar, has warned that the plan by the Federal Government to increase the Value Added Tax (VAT) from 7.5 per cent to 10 percent would worsen the cost of living in the country.
Atiku, in a statement, yesterday, alleged that President Bola Tinubu and his wife have resorted to overburdening impoverished citizens while ignoring their own extravagant excesses.
According to him, the endless rise in taxes and interest rates under the present administration is weakening businesses across the country, leading to job losses and increasing the sufferings of the people.
He said: “President Bola Tinubu, alongside his coterie of advisers, has resolved to raise the VAT rate from 7.5 percent to 10 percent, even as the NNPCL has announced a soaring PMS price increase at the pump. 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.
“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 percent 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 jeopardises 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.”
Meanwhile, Atiku has urged Nigerians in the Diaspora to remain strong and optimistic for a better future for the country.
At a virtual interactive session with some Nigerians in the diaspora, according to a statement issued by Prof. Gold Emmanuel, senior special assistant, Communications & Intelligence and Diaspora, Office of Atiku Abubakar, in Lagos, yesterday, he called on Nigerian citizens not to give up on the nation, regardless of the current socio-economic challenges. He said the state of the economy has led to untold hardship for millions of Nigerians and the poverty index has continued to rise.
“I urge you not to give up just yet. Your strength and resilience are crucial to Nigeria’s future.”
Atiku said Nigerians in the diaspora played a big role in shaping the country’s future.
“As Nigerians living abroad, you have a unique perspective on what good governance and economic management look like. I encourage you to continue to pray for Nigeria’s deliverance.
“Your prayers and support can help bring about the transformation we need. “I believe in the potential of our great nation and I know that with collective effort, we can overcome the current challenges and build a prosperous Nigeria for all.”
Atiku also encouraged them to continue to support their families and friends back home.
“Continue to engage with your loved ones, offering support and encouraging peace and unity in these difficult times. Your contributions to the Nigerian economy through remittances and investments are quite crucial.”
Abubakar also urged the Federal Government to release detained protesters being charged for treason.
According to him, the right of any citizen to protest policies of the government is entrenched in the constitution and can not be denied.
“I will advise the government to release these young Nigerians without trial immediately.”
He urged Nigerians in Diaspora to continue to embrace acceptable civilised strategy in calling the attention of the government to policy missteps. I will appeal to all Nigerians in the diaspora to continue to support Nigeria and project it to the world as the country with great potential,” Abubakar declared.
