Cost of living would increase because of increase VAT, fuel – Atiku Warns FG
Atiku stated in a statement sent on Sunday through his X handle that the proposal will exacerbate the country’s cost-of-living issue. “A blazing flame that will consume the very essence of our people,” was how he put the idea.
“President Bola Tinubu and his group of advisors have decided to increase the VAT rate from 7.5% to 10%, despite the NNPCL announcing a sharp increase in PMS prices at the gas pump,” he stated.
This action heralds in a new age of punitive and regressive policies, the effects of which are certain to worsen Nigeria’s already precarious economic growth and intensify the country’s cost-of-living crisis.
“President Tinubu and his group appear to be reverting to their conventional strategy: piling on the responsibilities of the poor while unwaveringly disregarding their excessive indulgences!
“Tinubu’s acts, which include lavishly renovating houses and buying new cars and planes for himself and his family, demonstrate a great insensitivity to the situation of the less fortunate. “One does not have to be an economist to see the dire consequences of President Tinubu’s misguided policies for the future of Nigeria.
The unrelenting increase in interest rates and taxes has proven to be unduly burdensome, crippling companies of all kinds, creating job losses, and making the misery of the impoverished worse.
Since Tinubu’s election, the manufacturing sector in particular has experienced unrelenting conflict; the NBS reports that since December 2023, its contribution to the GDP has decreased by more than 20%. Tinubu shifted his focus to agriculture at the beginning of August.
As is typical of this regime, a new policy was quietly developed and unveiled that allowed the duty-free importation of agricultural products including wheat, maize, and paddy in spite of strong objections from farmer organizations around the country.
“This strategy puts Nigeria’s aspirations for food security in jeopardy since it forces local farmers to curtail or give up on their production efforts due to unfair competition from low-cost producers in Asia, Europe, and America.
“It would be prudent for President Tinubu and his advisors to refocus their efforts on developing long-term remedies for the structural shocks plaguing the economy rather than exacerbating the situation by implementing actions that would only cause further unrest.
Following the Nigerian National Petroleum Corporation Limited’s hike in the pump price of Premium Motor Spirit, or fuel, Atiku unleashed his fury.”
References and Citation
channelstv.com – ‘VAT, Fuel Price Hikes Will Worsen Cost-Of-Living Crisis’, Atiku Warns
punchng.com – VAT, fuel price hikes will worsen Nigeria’s cost-of-living crisis, Atiku warns
guardian.ng – VAT, fuel price hikes will worsen Nigeria’s cost-of-living crisis- Atiku tells FG
newtelegraphng.com – Atiku Warns Tinubu, Says VAT Will Worsen Nigeria’s Cost Of Living Amid Fuel Hike
