Atiku slams proposed VAT increase to 10%, calls it harmful to Nigerians

Former Vice President and presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, has criticised the federal government over a planned increase in Value Added Tax (VAT) from 7.5% to 10%.

The move comes after the Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC), chaired by Taiwo Oyedele, announced plans to propose a law to the National Assembly that would increase the VAT rate from 7.5% to 10%.  Atiku criticized the move as a new era of regressive and punitive policies, which he said would deepen the domestic cost-of-living crisis and exacerbate Nigeria’s fragile economic growth.

He criticized President Tinubu’s actions for ignoring the plight of the less fortunate and focusing on lavish lifestyles. Atiku also criticized the manufacturing sector for its decline in GDP and the policy permitting duty-free importation of agricultural commodities, which he said poses a grave threat to Nigeria’s food security and long-term prosperity.