Former Vice President Atiku Abubakar has criticized President Bola Tinubu’s plan to increase the Value Added Tax (VAT) rate from 7.5% to 10%, citing the negative impact on Nigerians already struggling with rising hunger, cost of living, and fuel prices. Atiku described the move as regressive and punitive, warning that it will deepen the domestic cost-of-living crisis and exacerbate Nigeria’s fragile economic growth.
Atiku also accused President Tinubu and his entourage of ignoring their own extravagant excesses while heaping burdens on impoverished Nigerians. He highlighted the president’s opulent renovation of villas and acquisition of new jets and vehicles for himself and his family, contrasting this with the struggles of ordinary Nigerians.
Atiku emphasized the need for sustainable solutions to address systemic economic shocks, rather than compounding the crisis with measures that will ignite further turmoil. He urged President Tinubu and his advisers to redirect their efforts towards crafting policies that benefit the masses, rather than perpetuating hardship and inequality.